Jason Whitlock thinks so.  He argues that politics and protests are what make the Olympics great.  While I understand his point from a ratings perspective, I think comparing the Beijing Games to the 1936 Berlin Games (Hitler v. Jesse Owens) is a bit much. 

I think what makes the Olympics great is that it's the one time when almost every country on Earth does something together.  It just so happens that something is an athletic competition, which makes it all the more exciting.