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It's sad that the London 2012 Olympics doesn't have a public API. If there was we would have seen a lot of awesome implementations from developers.
And which organization do you see stepping forward to foot the bill for this? Not to mention the current companies who have permission to distribute Olympic data feeds would fight it to the bitter end because obviously they make tons of money off of that data by selling it to all the big-name sports sites out there.
In the context of the $15Bn total cost of the games, the cost of providing a data API to results and medals is hardly going to be significant.
You should add a "last-updated" field so we know when it was last updated.
Thanks for the suggestion. Will be adding it soon along with refresh interval.