Yes, it is for the 2012 Olympics.
My thoughts on the song are as follows: it is Muse-by-numbers. But then any song they have done for an official reason (see Twilight) have been as well. Secondly, there is a really cool riff in there, but it is buried in the mix under all the symphonic nonsense that Matt has layered all over this. While Muse do some really cool classically influenced music (Absolution, for instance) this is too much. Matt knows what sells, and he is pandering to it. It is a shame, because the guitar heavy music they make is the best, but I can't see them doing it ever again to be honest. Hopefully I am proven wrong by the new record.