To respond to the OP. Advertisers have taken the liberty to make a big deal of it, so much so you'd think the British had the memory of a goldfish because everybody seems to want to remind us that the Olympics is happening. The torch running through the town was annoying, not for me because I was in bed not caring.
But my mum and sister who are care workers on the otherhand had to visit people in the areas closed off and with the kind of hours they have to work and the time they've got between calls to travel just made it very awkward for them and the local council didn't organise anything to compensate. Still, my mum did see the Olympic torch as she was walking her way through.
What I do find ridiculous though is the price of the tickets for the opening ceremony, basically they make this big deal out of The Olympics and advertisers are saying, "hey, don't go abroad this summer, stay at home for the Olympics", but £2012 for the opening ceremony? Seriously? Considering ticket prices (assuming I'd be lucky to get a hold of one), it's actually cheaper me going abroad for a few days.
It doesn't seem too accessible to many Brits, especially in this economic climate, so I suspect for many it's not something to get too excited about, as like money people around the world, they'll just be watching it on the telly. I think the most exciting thing is the Olympic torch relay because people don't have to pay anything, different towns had different things going on and depending on where you live you might have had a fun day. My town, not so much, it's not really an interesting place, unless you're a Historian casually passing through.
However, I don't live in London and I'll be out of the country next week, so I don't think I'll get the brunt of it.