As a Londoner, I really don't think the city has the appropriate transport infrastructure in place (currently) to host the Olympics, and don't see it being put in place byt the time the games would take place. However, as others have said, the Brits are really gunning for it.

The popular opinion here is that the French will likely win, but that London 'deserves' to.

As an aside, is the work 'NO' the first thing that anyone else sees when they see the Moscow logo? It's a nice logo, and I see how they were trying to use the Kremlin imagery (that's where that toiwer is), but they don't seem to have focus-group'ed it in English-language markets.