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part of what I feel is that people used to win honours by a lifetime of achievement rather than just a couple of days (I know Hoy will have spent lots more time than that training - but so do thousands of people; he was knighted for winning, not training). Are Olympic gold meals no longer felt to be sufficient reward for winning? What would we do if we had someone like Michael Phelps who really rewrote the record books - make him queen?
ludwig, I'm trying not to think of people like Mandelson and Archer, though you're right to make the point that honours like those already besmirch the whole system.
Another oddity I overlooked: 4 paralympics golds = CBE. Personally I think the likes of David Roberts, a disabled swimmer, have achieved more than Hoy, though I dare say not everyone will agree. But why should someone get less if they're disabled?