So, while NBC is likely going to be watching YouTube closely for users who upload video of the games in Beijing, the IOC has now approved YouTube as an official global partner for any region not covered by a local exclusive deal. The page is actually available now even in the US, so check it out at youtube.com/beijing2008. Soon that page will be controlled by geo-location access controls. The Olympics are even bypassing a content creator by doing the video themselves. According to their press release:
Olympic Broadcasting Services (OBS), a wholly owned subsidiary of the IOC, will produce regularly updated Olympic content. The package will include highlights, news and daily clips of the competitions, available throughout the 17-day period of the Games.