Given the much lower budget and the fact that a good chunk of the participants were volunteers, I thought they did an excellent job and was extremely impressed.
Danny Boyle had stated on numerous occasions that you could never top Beijing (given the fact that the state pushes its people to the breaking point when it comes to things like this) and that he wanted a very British opening ceremony that celebrated Britain's past and culture.
My only disappointment was with NBC cutting away from the memorial of the London, Tube bombings and had an interview with Michael Phelps instead. I could imagine people chagrin in the US had the same happened elsewhere talking about, say 9/11. Bad show NBC, bad show...