For those of you in the US who don't want to wait the 12+ hours to see the Olympics on NBC (which appears to have a good Olympics site save the time delay), there are several options.
The best I've seen is a German TV network streaming live in high definition. Just watched the Americans enter the stadium around 10:30 a.m. EDT, so don't have to wait up tonight while NBC drags out their coverage.
Update, 11:10A EDT: As the host of the Olympics, the Chinese delegation enters the stadium last (#204, with the US being #139 or #140, depending on which list you look at) and the entire place turns red with Chinese flags. At right is a screen grab of basketball phenom Yao Mingwith a much smaller survivor of the Chinese earthquake. And inexplicably, there's mariachi music playing.
Update, 10:22P EDT: Who would have thought there would be this much interest in this topic, but it looks like there is pent-up demand for Americans to see the Olympics live (NBC, take note). Our hometown technology bloggers, Silicon Alley, has compiled probably the best rundown on the web on this topic. Click here to follow their coverage.