Not only do I love the Olympics, I'm suddenly a self proclaimed expert on all sports they have there.
I follow mostly the Dutch Olympians with some other interesting ones, like the American basketball team or just about anything they will show on TV.
That being said, there are a lot of sports that I don't think are "Olympic", like shooting. I know it's very hard, but to me a sport requires real physical exercise that makes you sweat. I would put shooting in the same league as chess. And archery is something you can do on a weekend with your company.
Equestrian sports are horrible, poor horses. And the one who happens to sit on the horse gets a medal while the horse gets some straw? I would abolish all sports involving animals immediately if I could.
Sailing and cycling are borderline for me, because material plays a big part, but at least the human aspect is very big in those.
Sports that have their own major tournaments shouldn't feature on the Olympics, like (real) football. It's cute that Ryan Giggs gets to play a major tournament this way, but let it be, we already have the world championships.
Okay, that's it for the sports for now, I don't like the way some sports organize their systems. You could train 4 years for something like fencing, lose the first game, and be out. Why not a Swiss system? Knockout stages are nice to watch, but to me it seems harsh to train 4 years and lose in 5 minutes.