Daifly is right about LCY for the 2012 Olympics and makes very valid points about the possible development of North Weald.
Most GA operators would agree that it appears to be an attractive option for London as the road links into town are pretty good. We looked at relocating to North Weald in 2000 but there were restrictions on operating hours etc. We did base an aircraft there for a short while which worked quite well but wouldn’t have worked long term.
To develop NW as a London Airport would incur plenty of NIMBY opposition - which will need money and time to address before any investment can be made in airport equipment and infrastructure. Thereafter, to get North Weald up to the level that you're suggesting will take millions of pounds in investment with no real guarantee of custom.
[FONT='Verdana','sans-serif']The current residents at North Weald are always friendly and professional but I don’t think the kind of idea we’re talking about will ever become a reality.[/FONT]
XD