Draper's fields to be exact.
Draper's fields have been given to the ODA for the period of around a year and a half to accommodate logistics services for the Olympic village (seen in the background of the second photo).
A BBC report on the the community usage of Draper's fields can be found here. The site was playing fields and an astroturf pitch used by a local school and clubs. According to this report in the local paper, the astroturf pitch was used by 1,380 (an oddly precise number!) people a week alone. The report also headlines with the fact that the site may be used for VIP parking - something not in any planning documents I have seen, so either the ODA are keeping very quiet about this, or it is an unfounded rumour.
Now, I understand that the large Olympic village will require logistics support on an equally large scale. I also understand that open space near the Olympic village may be in short supply, and Draper's field is ideally situated. It is unfortunate that the open space is one of the few in this part of Waltham Forest, and will mean that clubs and local schools will not have access to it for more than a year.
The council have been compensated £3.5M by the ODA, which they say will go to turning back the site to an even better sports facility - with the fields opening again for the public in September 2013. They say that the compensation will not only allow redevelopment of the Drapers site, but will go towards improvements in other parks as well. What concerns me most is that I haven't managed to find any documents relating to what the redevelopment after the games will actually involve. The planning statement from the ODA (found as pdf here) is very light on use after the games since Waltham Forest will be in charge of the "legacy component" (I presume this means that Waltham Forest will be given the site as is and will then change it back to leisure use themselves). Waltham Forest were going to submit plans for the changes to the field after the games, but I haven't been able to find any details of these plans online (or indeed any mention of them).
After the ongoing saga of the arcade site, I prefer not to trust Waltham Forest with regeneration plans, especially ones that are unspecified before the event occurs. Maybe I am just not a trusting soul. I would be interested to know if Waltham Forest indeed have plans for the field that are available for the public.