The BBC are absolutely flogging this thing to death here, much like they do with Wimbledon. It's probably as much to do with the fact that those two are just about the only sporting events left to terrestrial TV. I always think of the Olympics (like Wimbledon) as sport for people who don't like watching sport.
I totally agree about the waste of money - I groaned when London won the bid for 2012. I really cannot see how any good can come of it - it's already cost the taxpayer billions. It's purely an exercise in vanity, thanks in no small part to Lord Sebastian Coe, IMVHO of course.
So no, I won't be watching any of it.