Sharon,
Sadly, the Chinese seem to be steering away from traditions in present day. There is a large demand for Western culture in China. But one thing that sticks out to be as being encouraging is the mascots. Beibei, JingJing, HuanHuan, YingYing, and NiNi are the 5 mascots of the 2008 Beijing Olympics. BeiBei is a fish, JingJing is a panda, HuanHuan is fire, YingYing is an antelope, and NiNi is a swallow. Antelopes, swallows, fish, and pandas are all traditional Chinese animals. All together, the mascots are said to represent the 5
Wu Xing (traditional Chinese elements) . This is encouraging!
Combined, the mascot's names form the phrase "Bei Jing Huan Ying Ni", which means "Beijing welcomes you" in Mandarin. I think that's adorable
As for everything else concerned with the Olympics, that seems to be the only "traditional" aspect to it. I guess we'll have to see what they have up their sleves. I am sure it will be spectacular no matter what.