London Olympic countdown start

Leona Lewis for a burst of Zep classic 'Whole Lotta Love' during the handover of the Olympic flame from Beijing to London.

The pair emerged from the iconic bus as it was morphed and transformed into the London skyline during the brief performance at the Birds Nest stadium in Beijing earlier today.

Their performance was part of the official handover ceremony that marked the end of the Beijing Games and the run-in to the London event in 2012.

There were a host of other events across Britain to mark the occasion. Large screens were erected in cities nationwide to carry the Beijing performances, while acts including Queen performed at Buckingham Palace.

Olympic swimming legend Michael Phelps was also on hand in London.

Londoners Cast Wary Eye to 2012 Games

As the Olympics ended Sunday in Beijing with a spectacular display of choreography and fireworks, Londoners here wondered if their city -- facing budget constraints -- will be spruced up in four years, let alone match Beijing's elaborate extravaganzas.

The three-hour Closing Ceremonies were watched live on outdoor TV screens in some 30 cities and towns across Britain, including London, where 40,000 people attended an Olympic-dedicated rock concert outside Buckingham Palace. U.S. swimmer Michael Phelps made an appearance at the concert, backed by one of his sponsors, Visa.

London offered the world a taste of what to expect when it hosts the Olympics in 2012. In an eight-minute segment of the closing reserved for the next Olympic host, it put on a display of popular British culture, its casual creativity contrasting with Beijing's mega-choreography. A double-decker bus drove into the Bird's Nest stadium, its roof folding back to reveal soccer player David Beckham and Led Zeppelin guitarist Jimmy Page.

Even as Britain basks in the success of its athletes in Beijing -- with 19 gold medals it ranked fourth -- its bad track record at public construction projects and slowing economy are prompting some concern about hosting the Olympics in 2012.

Some members of the London Organizing Committee for the Olympic Games, or Locog, are damping public expectations. But London's new mayor, Boris Johnson, said, "We are not remotely intimidated by what the Chinese have done but we do admire and respect it."

One of the top priorities: improving the reliability of the city's transportation network. The city's trains frequently break down, the narrow roads are crowded, and the airports are often short staffed. Mr. Johnson, who accepted the Olympic flag in Beijing at Sunday's ceremony, says he recently spent so long waiting for his bags at Gatwick Airport he offered to unload them himself.

Britain is looking to the Olympics as an urban-development project, rebuilding an area in East London used as landfill for Blitz rubble from World War II.

The U.K. plan faces budget constraints. Britain, with its heavy dependence on banking, has been hit hard by the global credit crisis, its real-estate market is tumbling, and it faces a budget deficit. The government has set the Olympics budget at £9.3 billion ($17.2 billion), which includes construction as well as operating the Games, far below Beijing's estimated $42 billion.

Security is a big concern, as London has been hit by terrorist attacks in recent years. London expects to spend about £600 million on security during the Games, with more funds set aside for emergencies, according to the government's published budget.

About 100 London organizing committee staff spent the Olympics in Beijing to learn up close how the Games work. London's Olympics chairman, Lord Sebastian Coe, himself a revered gold-medal-winning runner, visited all Olympic venues in Beijing. Beijing Olympic officials plan to meet their London counterparts to discuss what worked and what didn't.

The Opening Ceremonies "won't be about matching" Beijing, says Charles Allen, a member of the Locog board.

Mr. Allen says "inclusiveness" will be a theme for the Olympics in London, and its Opening Ceremonies will represent all Britain's races, religions and classes. Organizers may not hire an artistic director for the Opening and Closing ceremonies for another two years.

Some Londoners are already griping that the Games will cost too much. And tourists will find London expensive. High prices for hotels, restaurants and taxis make London the world's third-most expensive city, behind Moscow and Tokyo, according to Mercer, a consulting firm.

So far, London's preparations are as far advanced as Beijing was four years out, according to the International Olympic Commission, which sent inspectors here a few months ago.

After the Games, the government plans to convert 1.5 million square feet of Games space into offices, and leave behind a large public park and about 3,300 apartments, which it hopes will become a thriving community.