I am very happy and excited about this - as i was wehen manchester got the Commonwelath games.
The areas of London which will directly benefit the most are currently very run-down and amongst the most disadvantaged in Europe - London isn't just the West End and it's tourist attractions. The strength of the bid, IMO, was the attention to genuine regeneration and legacy - and the country overall benefits each time a new area prospers rather than fails.
I am not a Londoner, but I live in London, and arguably, because of the wealth generated in this country through London - the financial sector, tourism etc etc, improvments to the infrastructure, such as transport, are able to maximise wealth for the country as a whole, more than improvements to a place with a more local impact.
But much as it was London't bid, it will be BRITAIN'S olympics, and for that I am really really happy.