London 2012 Olympics Logo

2 weeks ago the London Olympics Committee released the new logo for the 2008 Olympic Games. i has had a lot of comments. As a designer I wonder where the limit on good design and effective design goes. This logo has generated so many negative opinions throughout the design world. So it is really interesting to share it with the most possible people. There is even a BBC website to design and submit new alternatives to the logo. All this also is because it costed US$ 796.000 and the studio is the same who did the Inspi(red) campaign (www.wolff-olins.com), but something happened in this logo... Or is it me?