(See here for my final update as of the end of the Olympics)
Yesterday's post was very popular, so here is an update one day later. The data below are as of mid day August 9th, 2012.
I have ordered countries explicitly here by my WM10M ranking, which is medals per 10 Million people, but normalized for UN development index, and where a silver counts double the weight of a bronze and a gold counts as double the weight of a silver. For explanations of the other columns, see yesterday's post.
Jamaica passed New Zealand to move into second place today.
I will post a final ranking at the end of the Olympics, and may do one or two between now and then.
A raw spreadsheet is here.