Without having read too much about it, I must say that I like the New York Times’ Olympics blog, called Rings. They have split the coverage in three main categories, which certainly feels like a smart way to go when it comes to the situation in China:

Culture
The Times’s culture critics and reporters in China cover the music, architecture, film — all the high culture, the low and everything in between.

Issues
The Times’s foreign correspondents and business reporters cover the international political and economic issues, surrounding the Beijing Games.

Games
The Times’s sports reporters and Sports of the Times columnists cover the athletes’ quest for gold and the competitions of the Games.

This differs quite a lot from the more traditional sporty approach taken by BBC, who incidentally is doing an Olympic countdown.