Well, if I were queen of the world, which sadly, it doesn't seem like I'm ever going to be, I would change a couple of things about the Olympics.
First, I would do away with the ridiculously extravagant and expensive opening ceremonies. Instead, I would have the host country put together some amazing music that represents it's culture or heritage, and that music would be played while the athletes marched in, country by country. That would be the opening ceremony. I hate it when a country whose citizens are hungry or impoverished builds a 30 billion dollar swimming pool, and then after the Olympics it just goes to ruin. And the people are still starving.
And I would make a rule that no country could host the Olympics unless they had a firm plan in place to re-use all the venues for the good of their citizens afterwards (housing, a hospital, sports for underprivileged kids, etc).
And I would ban the network anchors from speaking during the opening ceremonies. I HATE it when they blather on and on while some pretty amazing musical production is happening. They don't have anything of value to offer - they just spout facts. Shut up and let us watch the dancing and singing and displays.
I do like the figure skating, and the bobsledding is pretty exciting. The skiing is ok, too (the jumps, the races). I think the most boring stuff is the speed skating, and the cross country skiing.
My pet peeve is when the commentator makes a too-technical remark about a hugely amazing jump or dive or quadruple spin. Instead of letting us just enjoy what we just saw, the commentator (who is usually very experienced in that sport) makes a remark like "watch the slow motion replay - you'll see that his left pinky was 2 degrees higher than his right pinky" or "his elbow stuck out an eighth of an inch too far", or some ridiculously small unnoticeable thing, and they say it like it's such a shame. How about "holy cow, how did that guy do that?" or "wow". Most of us who are watching are NOT pros. We're trying to enjoy the spectacle.