i really doubt that karate will be added to the olympics. there is already TKD and they are too similar. and you can argue all you like about how different they are, but joe public wont see it that way
As far as I can tell, Wushu is set to be the next martial art added to the Olympics as a demo sport, not Karate.
Steven is the favorite in his weight class, though there is an iranian and a cuban who will be tough.