I have no problem with funding based on the chances of medal success, after all the individuals/teams have to have the raw material in terms of physical attributes and talent in the first instance and the money just gives them the best possible chance of achieving their potential. Also pound-for-pound Olympic success produces a national feel-good factor that very little else is capable of. However, funding of grass-roots facilities and coaching is vital in so many ways other than just keeping the conveyor belt of elite talent churning. A culture of an active lifestyle has so many benefits for all generations, regardless of ability. Opportunities also need to be offered to as many young people as possible. We quite rightly have a very high international reputation in many sports, but in reality the net cast for participation in most of these is very narrow. How many children in your typical state high school get the opportunity to demonstrate that they might have a talent for, say, rowing?
When all is said and done, as a nation that can't function when there is anything more than a few millimetres of snow or the temperature hovers around freezing for more that a couple of nights, to win five medals at the Winter Olympics is nothing short of miraculous.