The most decorated example of the success Team GB had enjoyed at these Olympics, the triple gold medallist was soon back on his bike. This time it wasn't so much a celebration of what he had achieved here, however, but a symbol of what Britain could offer in four years' time.

As part of the handing over ceremony, the London organising committee offered a taste of the city which will host the Olympics in 2012. There was the big red bus and a street scene depicting British life. On the bus Leona Lewis and Jimmy Page of Led Zeppelin combined to remind the watching public of the contribution Britain had made to the world of pop music.

Which was all well and good, but in the context of the biggest sporting show on earth, it was the figures scooting round the track on bikes behind the bus that truly offered a tantalising foretaste of what the London Games might offer.

Along with Victoria Pendleton, dressed as a bike courier, there was Hoy, the pinstripe suit portraying him as the businessman. And so he has been. His office may be the velodrome but the medals which still decorated his torso as he circled thousands of his fellow athletes proved that, in that environment, he means business. It was a reminder to every one of them of the real riches London has waiting for them.

"It is a huge, massive honour to carry the flag," said Hoy, "especially given the outstanding performances of the team at these Games. It is a fantastic end to an amazing few weeks."

Thirteenth in line as one column of flag bearers wound its way into the stadium, to join another and form a circle in the heart of the oval, Hoy could not even countenance the notion of bad luck after his triumphs. "The closing ceremony is a party, basically, and whether you've succeeded or not in terms of your personal goals, the tension has gone and it's a sense of relief it's over and it's a fantastic atmosphere," he said.

"To be there and be leading out the team with the flag, with billions of people watching, and to be picked out as an individual from a team of amazing athletes makes it even more special – because this time you could have picked one of a dozen people who would have justifiably had a right to carry that flag."

The London 2012 soundbite was funky and youthful, but jarred like a sample of hip hop in the midst of a beautiful aria. David Beckham was there to kick a football, which had been passed from a Chinese child to her British equivalent, into the swarm of athletes from the 204 countries which had participated and who, once again, occupied centre stage.

With the row over a GB side still simmering, a football star may not have been the most diplomatic choice, but this wasn't any footballer. An East London lad, he knows the impact the Games could have on his home patch and, besides, his appearance excited the crowd more than anything else the eight-minute package had served up.

But, just as the Games themselves will have in four years' time, the entertainers and creative directors had a hard act to follow. As well as the historic victories, moving performances and personal tales of triumph and disaster, all of which combined to reflect the Olympic ethos, Liu Qi, President of the Beijing Organisation Committee, pointed out that the Games had also thrown in 38 new world records and witnessed the emergence of legends.

This XXIX Olympiad had ignited the torch and the world with a stunning Opening Ceremony and, 16 days later, it signed off with another staggeringly imaginative and emotive Chinese production.

The history and the grace were there – well, it was until the Mayor of Beijing and the typically dishevelled Boris Johnston got involved in proceedings. Each had a shot at waving the Olympic Flag as it was handed over from one city to the next, both proving that the physical stuff should be left to the men and women who spend their lives training for their moment on the Olympic platform, rather than men in suits.

But it could not take the shine off the beauty and invention of the production, with the Beijing Olympics finishing as it had started – beautifully choreographed and enthusiastically delivered.

It was a true reflection of the Games themselves. Unlike the GB athletes who performed here over the past fortnight, London was overshadowed last night, but they have four years to get it right. As their medallists will tell them, success doesn't happen overnight. It takes work and a willingness to learn from the best.