This film was made to co-incide with the 1980 Olympic games in Moscow. Sadly, the boycott over the USSR's invasion of Afghanistan damped much ethusiasm over the games, and this film fell by the wayside.
Now on video, and being marketed for the children's market, this film is a very clever spoof of network coverage of the olympic games, complete with jabs at celebrity worship and product endorsement (In one scene, a pole vaulter makes a record-breaking vault, and lands feet first into a studio set for a breakfast cereal commercial).
This film features the vocal talents of the late Gilda Radner, Harry Shearer (doing an incredible impersonation of Keith Jackson as "Keen Hacksaw"), Billy Crystal (lampooning Howard Cosell) and Michael Fremer. The very 1980's style music is by 10cc member Graham Gouldman.
There is no real "plot" to the film, just a series of linked vignettes about olympic sports (both summer and winter). Very clever.
The kids will love it for the action and animation. The adults will love it for the clever writing. A great film released at a bad time.