Given what's been said about the timescales involved, it's a bit of an achievement to have managed to produce anything! The London bit probably partly relates to that, and like it or not, it is the capital city, so it's always going to be easier to get guests, access to equipment and technical staff, quite possibly also cheaper (which is going to be an issue for a small company), as well as probably more appropriate stories, and recently the Olympics with a high cycling profile (which was quite possibly one of the reasons ITV decided to do the show at this time). It's also the city with most of those factors, and a very large cycling population, which given a wish to do more general cycling stuff, rather than racing, is going to be a necessity.
I suspect Look Mum No Hands is as much about ease of availability than anything else. They could have used a studio, but a suitable one may not have been easily available within the time, but I think LMNH lends a little but of authenticity to the feel, and I quite like the occasional clank of dishes, or someone dropping something in the background!
(Redshift is probably more able to comment on many of these aspects, I'm just guessing).
I don't think they're sports centred, although it's always going to be easier to find stories and people relating to that, especially with all the recent success, but they've done stuff, and had guests on who aren't directly related to current cycling sports, the recently mentioned folders, Gary Fisher, Jeff Banks all being good examples.
I hadn't realised that the Folder bit was filmed in Autumn, that's amusing, since they weren't necessarily wearing dramatically different clothes to what you would wear in an English summer.