Actually I don't think that is Channel 7's schedule. It's just a schedule of the events. There is athletics, swimming and gymnastics on at the same time and I would expect pretty much 100% of channel 7's coverage to be there.
If we are lucky we will catch a few seconds of sailing, provided an Aussie wins a gold medal.
Channel 7 actually broadcast four separate standard definition channels plus a HD channel on digital, but so far there's no hint that they will use this to show some of the sports that 7 is not interested in.
Once again channel 7 has been allowed to buy the rights to the coverage and then censor it. Of course there's always SBS but I'm not holding my breath.