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When I last spoke to gamesbids.com's Rob Livingstone, he was anticipating that New York's half-billion-dollar contingency budget wouldn't be enough to satisfy the IOC (which demands that cities promise to cover unlimited budget shortfalls for the Games), so in this case New York's bid looks to have dodged a bullet.

Other bullets, though, hit their mark. While NYC2012 issued a statement that "the single negative point in the IOC evaluation is the lack of approval for the Stadium" (yes, they capitalize it like that), newyorkgames.org points out that the Olympic Village and media center are up in the air as well:

The comments are: "Tendering and approval processes for the Olympic stadium and IBC, sites essential to the hosting of the Games, were still in progress at the time of the Commissionís visit and no guarantees were provided that these sites would be available for the construction of Olympic infrastructure" and "New York could not provide a guarantee for the use of the Olympic Square site (Olympic stadium and IBC)."

To the extent NYC2012 says the stadium must be immediately approved, they then must also state that the IBC must be immediately approved.

The International Broadcast Center is to be on the Eastern Rail Yard, and there is no deal between the MTA and the City for this site. ...

The lack of approval for the village is a concern: "Compulsory purchase procedures may be required to obtain the proposed site for the Olympic Village. These procedures could delay land acquisition, which may impact on construction schedules." This is because "The surface area of the village would be 25 hectares, of which 10 hectares still need to be acquired."