LONDON (Reuters) - British newspapers proudly hailed a spectacular opening ceremony to the 2012 London Olympics, with the Times leading the way on Saturday by calling it 'The Greatest Show'.

'London Sets The World Alight', said the Independent after seven teenage athletes were on Friday night given the honor of lighting the Olympic cauldron that will burn for the duration of the Games.

The Guardian described it as a 'Night Of Wonder' on their front page while the Daily Telegraph's banner headline was 'Going For Gold'.

Britain's Queen Elizabeth declared the Games open after playing a cameo role in a dizzying ceremony designed to highlight the grandeur and eccentricities of the nation that invented modern sport.

A film clip showed doubles of the 86-year-old monarch and James Bond actor Daniel Craig skydiving towards the stadium and, moments later, the queen made her entrance in person.

The popular tabloid The Sun offered a typically amusing front-page splash: 'Her Majesty's Secret Service', with a secondary headline declaring 'Queen's Surprise Acting Debut With Bond to Kick Off London 2012 Games'.

(Writing by Tony Jimenez; Editing by John O'Brien)