There will be a new gold medalist in men's gymnastics. According to this AP report, Paul Hamm sufferered a setback in his rehab from a broken hand, and has taken himself off the U.S. men's gymnastics team.
Hamm earned a spot on the team last week, after a solid showing at an intrasquad meet. Obviously though, his hand had not completely healed to the point where he could withstand more training. The article also mentions that he injured his rotator cuff by trying to come back so quickly from the hand injury.
There is no doubt that the Americans will miss him in Beijing, but I think you have to give Hamm a lot of credit for giving up his spot. He knew in the back of his mind that he was not going to be healthy enough to compete at the level he wanted to. By backing out before the team leaves for China, he has given USA Gymnastics a chance to bring in a healthy alternate.