I'm not the biggest Olympic junkie around, but I've enjoyed watching, and following the Chinese and American medal counts. So far, everyone I've read uses one of two measures: who has the most gold, and who has the most total medals. Both measures are obviously unfair in opposite ways.
The solution is easy--give each country three points for a gold medal, two for a silver, and one point for a bronze. According to cnnsi.com (link: here) and my own arithmetic calculations, the two nations have nearly identical counts by that measure.
As of this writing, China has 49 golds, 19 silvers, and 28 bronzes.
(49 x 3) + (19 x 2) + 28 = 213
The U.S. has 33 golds, 37 silvers, and 36 bronzes.
(33 x 3) + (37 x 2) + 36 = 209
Very, very close. By this measure, the two nations were tied last night at 200 apiece.