This is very, very busy. What am I supposed to focus on? I gave up looking for specific flags. Can you perhaps alter this to make it more "Olympic" or "London" in focus? I generally like the idea of using the flags, but not as you have done here. I have given your idea a rather low rating, but I don't think you have to trash the flag idea altogether... just make it more focused!
That will be a challenge!
Hui, yes, I have to agree to schoolaintsobad, the design is kind of overwhelming. I would at least kick out the names of the countries and then reduce the 3d effect a bit (maybe a smaller globe). I like the approach though, very curious to see your updates!
... and please no additional text besides "Olympische Spiele London 2012", that is no "Die Welt zu Gast in London"...