Sure the Olympic games are cool, the athletes who display their skills there are truly amazing, but I've always felt it a sham that nations declare the victories their own - such as the US declaring "It" "earned" XYZ gold medals. If each nation had the same random population samples to draw from and each supported the same number of athletes, maybe... but when I look at the sports parade from any other country and then compare it to the US, it's as though we put up our own private army to compete. On top of it all, we have a large pseudo-wealthy population that allows us to be far more picky then any other country. So in the end, it's not really fair. If any nation beats the United States they almost have to beat the odds to do it! That's just not in the spirit of true competition.
So overall, I think the flags of each nation should be forfeit and the Olympics should only be about athletes and not nations. Enough sillyness about the US winning (unless we want to have each nation select their athletes from a random sample of 500 people and cap the max number of entrants- in which case we'd be lucky if people from the US didn't fall over from one too many big macs X_x).
At least that's my personal opinion.