I found a few postings of apps for Olympics 2012 such as NBC Live Extra for iPad and iPohne and PlayUp Olympics 2012 Special. It sounds that the application can offer real-time updates of events, and others have commented the streams are pretty close to live, with some delay. I think it is still pretty nice to watch games anywhere on-the-go.
Review of NBC Live Extra for iPad and iPhone
PlayUp Olympics 2012 Special
London 2012: Official Results App for the Olympic and Paralympic Games