I'll be watching. I've always been a fan of the games, but this year is special as I've watched a lot of the venues be built. My first trip there was during the campaign to get the vote for the games. Our tube ride home was through Stratford (the Olympic Village).
I have to admit though that even though I could have so to speak a front row seat (our house is not far from the Village), I'll be glad to watch the events from the comfort of my living room - much better view, a lot cheaper, and I don't have to deal with traffic/commuters.