2012 Olympic performance

A PWC report projected medal counts of the games, and did a pretty good job for the top 4. The USA seems mostly focused on the fact it beat out China, but this report's forecast would suggest they actually underperformed a little in total medal count, though the Gold number is strong.
GB would rank itself 3rd on Golds, and the home field advantage and government support in recent years seems to show a clear impact. PWC may have under forecast because the GB performances in 2000 and 2004 were so comparatively poor, that the 50% pop for hosting the games may have been on the wrong baseline.
Of course, it's probably better to look at some ratios, like Medals per capita. In this light, GB did the best of these top nations, ranking 23rd with 1 medal per 0.96M people. Australia though looks much better, ranking at 13th, despite it's seemingly disappointing Olympics.
Brazil, China and India all look weak on this metric, an understandable result for nations that are developing fast but remain predominantly poor. Perhaps though the results of other 'developed' nations of the West are more disappointing, including Japan, USA, Spain and Italy, all at one medal for every 2-3M of population.

USA     104 v 113, of which 46 Gold
China     88  v 87, of which 38 Gold
Russia    82  v 68, of which 24 Gold
GB        65  v 54, of which 29 Gold
2012 Olympic performance: report and infographic: PwC

Olympic Medals per Capita

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