See-Dub says yes, I say no. Either way, it’s a perfect microcosm of Clintonian “pragmatism,” avoiding the hard option (a total boycott) for a half-hearted symbolic gesture that achieves little beyond cheap antagonism. See also the Clinton administration’s response to the embassy bombings.
Why do I say no? Simply because we have our foreign-policy plate full at the moment with jihadists of various stripes and should do what we can in the meantime to avoid problems with China by maintaining decent diplomatic relations. If you disagree, explain why boycotting the opening ceremony is appropriate but not the entire Games. Granted, you’d be killing the dreams of a few hundred American Olympians by going the latter route, but if you’re serious about protesting human rights abuses, that’s a small price to pay. Vote it out!