To be fair to Channel 4, once I was able to abandon the online stream and regain control of the TV I thought they did a decent job. Adverts were few and far between, in fact I believe there were no adverts after the parade of athletes coming in to the stadium, and they resisted the temptation to talk over everything.
As for the ceremony itself, from what I saw it seemed like a fitting and powerful display and no less of a spectacle than the Olympic ceremonies. In fact, it almost seemed like a continuation of those ceremonies, highlighting notable British figures like Stephen Hawking.