I just finished watching the men's lead Olympic final, and a replay of the women's semi-final (their final is tomorrow). Because many of the bouldering and leading sections are severely overhanging, it's obviously hard stuff, but how hard? The TV commentators don't really use standard grades … so the link below has some quotes from the route-setter.
Of course, it's not a real trad lead, and the plastic holds don't have the nuance of real rock. So, is it real climbing? Probably not, but I did find it gripping and exciting to watch!