I was just thinking earlier today that it's the first Olympics with real crowds since 2018, and the first Summer edition since 2016. That's a long time. I can't wait for swimming, athletics and the more "electric" sports with crowds.
I lived in Beijing in 2022 (and went to the OC, CC and a hockey game) and even though restrictions in the city were low at the time (they actually got way worse for a year later) there was absolutely zero atmosphere. I went to lunch right next to the arena that had a hockey game going on and they didn't even have it on the TV. The Olympic shops were sold out and closed. Even at the ceremonies and events they didn't allow people to bring in any flags besides Chinese or take pictures freely on the Olympic Green (people did these things stealthly, though). I hope to experience the Olympic hype vicariously through the TV this year!
Edit to say: I have a lot to say about the restrictions and my experience at the 2022 Olympics, particularly the Ceremonies. For now, I'll just say besides flags, they told me I couldn't wear my Maple Leaf mask (I did for a while anyway), and some nationalities were even barred pretty last minute. They were also 12 hour days without any real food (no shops were open in the arena). If you watch the ceremonies, I was right below Xi and Putin, always somehow searching the ground for something I dropped whenever we were told to stand for them. I am super grateful I got to experience it all (for free!) but man did China go out of its way to squash any international enthusiasm. Covid was just the excuse they used.