In terms of population, the Bahamas won more medals at the 2004 Summer Olympics than any other country, by more than double. For a country of ~21 million, the super-fit Australians make a good showing on the list.
Update: And here's a listing of medals rated by wealth. (thx, noah)
Jonathan Crowe ran an Olympics-themed weblog for Athens 2004 and Torino 2006. Interestingly, the 2004 version got a lot more traffic, but more recent one made him more money via Google AdSense. "Whether [the increase is] due to better ad block positioning, 'better' ads (more on-target or more lucrative), a 'better' audience, or simply a more mature advertising network, I have no idea."