Hi WestSideMonteBoy and welcome to our UNOFFICIAL 2012 London Olympics forum. First off, please appreciate that London is a characterful city rather than an ultra-modern city. It's also rather compact so is generally pretty busy whatever time of day you choose to travel.
I would definitely avoid renting a car for driving into the centre of London because parking spaces are like gold dust and the draconian traffic wardens, clampers, congestion charges and CCTV installed for catching motorists accidentally driving in bus lanes really are out there to get you. Sorry but I'm only telling the truth!
However, London does have an excellent (if rather busy & overworked) subway system, along with excellent public transport in way of the red double-decker bus along with many open topped tourist buses. I would highly recommend you take a look at buying an Oyster card which can be used on the subway and buses in preference to all the hassle of buying tickets and finding the cash. It is also the cheapest option.
If you're interested in using the 'Pay as you go' or 'Pay as you go with Auto top-up' Oyster card in London, please take a look at this official Transport for London link for info on the Oyster card which is:
https://oyster.tfl.gov.uk/oyster/ the card can be purchased online.
As for booking hotels in London, well there are plenty of hotels to choose from, though it may be a good idea to look at the customer reviews on the hotel review websites such as
www.hotels.co.uk' if you're looking for some very competitive prices in our capital city.
Another hotel review site worth taking a look over is
www.tripadvisor.co.uk which also provides excellent information about the hotels and reviews by guests to the hotels.
Ought to mention that one of the best websites I have encountered for flights, accommodation and hotels in London is
www.expedia.co.uk, providing a wealth of advice and tips to travellers wishing to stay for a few days or more in London, along with loads of useful information and tips about London and its attractions.
Also worthwhile considering is the latest deals on
www.lastminute.com
Apologies for the state of Heathrow airport in London which really is very disappointing indeed especially compared to many other international airports. Anyone who has travelled to Beijing or Hong Kong will note the striking difference in the standards.