Personally I love the olympics. I'm not much into sports and the like, but I like the spirit of the events, and its one of the few almost sacred things which crosses cultural boundries. Congrats, England.
However, I semi-agree with Jahzel, since I don't believe it will rejuvenate the areas of london it will be building on.
I'm glad France didn't get it, since Chirac was being such a smug bastard with his BSE jokes. I doubt I'd travel even as far as London to watch the games though, so realistically it could have been anywhere and I'd still be happy.