The chairman of the International Olympic Committee's co-ordination commission has pledged support for the controversial London 2012 logo.
Mr Oswald said the London 2012 team was making good progress
Dennis Oswald told journalists he "loved it" after a three-day visit.
During their visit, inspectors received a full report on the row over the new brand and logo.
Mr Oswald also said preparations were "on time and on track" and that Britain's 2012 preparations would prove to be a model for future host cities.
Commenting on the new logo, Mr Oswald said: "I love it. It's very simple. We have a fantastic logo, it's very creative, very young and very dynamic. I'm very enthusiastic about it."
The IOC inspection committee had spent the last three days assessing the London 2012 team's preparations, ranging from venue construction to transport.
"It was a very positive visit which confirmed all the impressions we had from previous visits," said Mr Oswald.
"At this stage we're very satisfied. We don't have any specific area of concern. The work should just go on, but compared to other organising committees, London is really on time and on track."
He also said Britain's commitment to ensuring 2012 left a legacy on the landscape was something future host cities must learn.
"We were delighted to have confirmation that the legacy aspect of the Games was what it was promised at the time of the bid," he said.
"This legacy is very important and we really consider London will be a model for future host cities of the Games as far as legacy is concerned. But this legacy will not only be for London but for Britain in general."
The IOC team was told key targets for the project include making the UK a leading sporting nation and securing 50,000 new jobs.
Mr Livingstone guaranteed the 2012 Olympics would be the "most successful since Barcelona in 1992 in terms of regeneration and legacy".
"As the next three Olympic Games follow London, we will still be getting the legacy benefits in terms of housing and employment," he said.
He added that London would be able to meet all its Olympics targets and would "stage the greatest Games ever".
"It is time for the pessimists and purveyors of doom to start looking at the facts as laid out today and join the rest of us in backing London," he said.
The IOC will continue to inspect venues once a year until 2008, when progress will be subject to scrutiny every six months.