Clearly neither the British Empire nor 'we will fight them on the beaches' would be viable for obvious reasons of taste and 'global financial capital' and 'sodding enormous sprawly 19th century mega-city (which grew up largely because of the aforementioned empire)' lack a certain immediate visual impact. There is an argument that Shakespeare and the Beatles could have been worked in, though I think the Beatles figured in the video (*), but fundamentally 'buzzy global metropolis' was probably the only way to go, and even if it weren't it was clearly how it was going to be played.
I was against the London Olympics for the same reason I was against making Oxford the city of culture i.e. it didn't really need it. It would be like making Venice 'City Of Canals 20xx'. But the nay-saying is melting my stance.
Also, remember that there will be another mayoral election before the Olympics, so there is still time... Turn again Livingstone thrice GLC leader / Mayor of London.
(*) the Myra Hindley bit shows that Visit London is another organisation in need of Weasel WTFFAYFT Services LLP, although I understand the video has been used lots before before the Fauxfendocracy spotted That Bit this time.