Of course there are a ton of olympic blogs, and almost as many directories. For the local inside scoop, check out miss-information. There's a regularly updated list of olympic blogs, including some goodies.
As for the Olympics themselves? Too big? Too expensive? Too irrelevant? Too chemically adjusted? There seem to be a great many marginal sports featured, (although I guess a sport that I would consider marginal has some devoted fans somewhere.) The whole thing just seems bloated to me.