The fact that NBC is promoting their coverage as being live is odd, although possibly not wrong. I haven't caught them saying any specific activity will be live, so they could be planning to broadcast the Marathon on Sunday live. Still ...
Thanks to NBC's influence, the swimming and gymnastics finals will be shown live in prime time, even though it will be 10 or so in the morning in Bejing. In fact, they said in a press release that 75% of events will be shown live in some form on tv and online. If judging the fact that every soccer game from the past 2 days are already up, they are probably going to put up everything on demand at nbcolympics.com.
Also, tape delaying the Olympics is nothing new. CBS and ABC have done it as well over the years. I remember one US gold medal skiing performance in 1998 on CBS wasn't shown on tv for nearly 24 hours. Also, the famous US-USSR hockey game in 1980 was also on tape on ABC, even though it took place in Lake Placid.
Too bad in spite of what NBC is going to do everyone still has the same complaints about their coverage.
By the way, NBC's Olympic contract goes through 2012, and ABC/ESPN and Fox are also in the running for future Olympics. If ESPN and Fox's coverage of other sports is any indication, I would rather see them on NBC.