Team GB (football) will not go ahead at the moment in the 2012 Olympics because the SFA, FAW and NIFA are afraid that they might lose their identities even after being reassured this will not be the case by FIFA.
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They fear involvement with a British team could threaten their status with football's European and world governing bodies, despite Fifa's assurances.
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Personally, I can't see what the problem is.
http://news.bbc.co.uk/sport1/hi/football/7067642.stm
http://news.bbc.co.uk/sport1/hi/football/7071200.stm