Have been watching Olympics over cable but NBCOlympics.com created in combination with MSN has been a great source of live olympics content. NBCOlympics site which is powered by Silverlight has amazing video quality. I watched the Federer match over the web and it had some breathtaking camera shots combined with the great presentation by the NBC Studios.
The best part of the whole presentation is that, when you watch a live video feed on this site, you have the option of watching 4 different events side-by-side.
For the ones who missed the spectacle on the opening day, you can watch it on this site. Who else can create a grandeur like that except a moviemaker. If you did not know, the creator of this gala spectacle was Yimou Zhang, the director of Hero and House of Flying Daggers. It was a breathtaking effort and he pulled it off successfully.