Britain got ten gold medals last Olympics and thirty overall, finishing tenth. I'd be happy getting eleven gold medals, even if that meant fewer overall. I'd also prefer us to finish higher than tenth, even if it's ninth.
Improvement is always nice.
And I also really, really want the US to overhaul the Chinese, but I just can't see them doing it.
The thing is, I've watched all of the "big" events; the track finals so far, the decent swimming events (not the 400 metres using one arm and making noises like a dog) and some of the others and I've not yet seen a single Chinese pick up a gold. Which leads me to believe that they (and the South Koreans, come to think of it) are getting them in events that really push the boundary of the term "sport".