There are curious discretization artifacts:
ContourPlot[x^2 == 1/10000, {x, -1, 1}, {y, -1, 1},
PlotRange -> {{.0022, .01}, {-.3, .3}}]
ContourPlot[10000 x^2 == 1, {x, -1, 1}, {y, -1, 1},
PlotRange -> {{.0022, .01}, {-.3, .3}}]
Also, in the current Mathematica version the tooltip looks like a job left incomplete.