OK, now I'm confused myself. I'll try to find out what it is about.
I think the Olympic Games are about whatever you want them to be about.
According to the official charter of the IOC, the Olympic Games are about "Olympism" (a word not found in dictionaries, but never mind that.

)
http://multimedia.olympic.org/pdf/en_report_122.pdf (page 9)
Olympism is a philosophy of life, exalting and combining in a balanced whole the qualities of body, will and mind. Blending sport with culture and education, Olympism seeks to create a way of life based on the joy of effort, the educational value of good example and respect for universal fundamental ethical principles.
The goal of Olympism is to place sport at the service of the harmonious development of man, with a view to promoting a peaceful society concerned with the preservation of human dignity.
So that is what the Olympic games are all about.
To the athletes, though, it is not so much the Brotherhood of Mankind as, "I can run faster than you can."
To national governments, the Olympics provide propaganda opportunities galore. For a substantial part of the twentieth centurty the Olympics were part of the cold war -- which politico-economic system, capitalism or communism, produces the most gold medals? In 1980 the United States boycotted the Moscow Olympics to protest the Russian invasion of Afghanistan (how ironic -- now Russia has gotten safely out of that pit of quicksand and and the United States has been sucked in.)
In 1984 the Soviet Union "retaliated" by boycotting the Los Angeles games. (Oh, no, not that! Do anything to us -- drop an atom bomb on our heads if you must -- but please, please, please don't boycott the Olympics!)
In the 2006 Peking Games, U.S. President George Bush faced a dilemma. If he went to the games, it would seem like he was giving legitimacy to the government of China, which the U.S. officially regarded as a totalitarian regime with a dismal record of human rights violations.
But if he didn't go, the Chinese government might call in the several trillion dollars worth of the U.S. national debt that we owe to China, causing an economic catastrophe in the U.S. (More irony -- the U.S. economy collapsed anyway, and China didn't have to do anythimg.)
Bush's solution was to go to Peking but to stop off in Taiwan on the way and give a blistering speech about how awful the Chnese were.
Bush then proceded to attend the opening ceremonies to show he liked China, but not to attend the closing ceremonies, to show that he didn't like China. He sent Condoleeza Rice and
Michelle Kwan 
to the closing ceremonies in his place to show that, well, he liked China a little bit after all.
Ms. Rice had to leave before the closing ceremonies, leaving Michelle and the U.S. ambassador to China to soldier on by themsleves, because the uprising in the former soviet republic of Georgia broke out and Condi was needed back home. (To do what, I am not sure, but anyway...)
That's what the Olympics are all about.
