I suspect, that much of the flood waters came from the Lockyer Creek (the waterway that was the source of those horrendous videos from Toowoomba) - which actually feed into the brisbane river _downstream_ of Wivenhoe dam, meaning that the dam couldn't stop a large chunk of the flood water from entering the Brisbane river. See this map here: http://maps.google.com.au/?ie=UTF8&ll=-27.409109,152.603...
So maybe part of the blame should be placed on the Dam designers... But perhaps other topological constraints prevented the Dam from being located further downstream?
Lots of pieces to the puzzle and I don't think it is as simple as just the dam operators waiting till it was too late..