According to this article, British Cycling’s performance director, Dave Brailsford, said Freestyle BMX would join the cycling disciplines at the 2012 Summer Olympics in London.
Brailsford also used the opportunity to state that Britain should use their cycling success in the Velodrome in China to increase awareness of and desire to cycle in London.  You can hear a snappy Brit by the name of Carlton Reid recount the meeting and audio from the meeting here.