I doubt it was related to the Olympics announcment but the G8 in Scottland. It is possible that fairly significant anti-terror security resources temporarily transferred from London to the G8 summit would enhance the effectiveness of an attack.
I think if it were Olympic related you would think that Al Queda would have done the same in the other candidate cities, Paris, NY, Moscow, etc. If they had the capacity to exercise multiple events in multiple cities simultaneously that they would just do those events instead of risking their cells in preperation and exposure for those other cities and not launching the attacks.
Terror is used when it can create the greatest exposure, much of the worlds eyes are on the G8 and much less so the Olympic selection. With all of the expected protests (bet those die off quick), the concerts, and the news feeds, the coverage potential short term, and the long term "terror" possibilities of attacks coinciding with big events is the more likely reason for these attacks... But I'm just guessing...
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