The USOC has sent Ravelry a cease and desist letter, asking it to take down the Ravelympics. The Ravelry thread discussion starts here.
I'm speechless (actually, I have all sorts of thoughts running through my head - a lot of them reminding me that I try very hard to keep my work and knitting lives separate (and that I'm no expert in intellectual property law) - but nothing that I'm ready to share). Time to get back to work . . .