In my opinion, it is even worse than the one of Turin 2006, which was quite bad as well. The new logo exists in four colors, green, orange, fuchsia and blue. According to the organizing committee, the logo of the London Olympics (designed by Wolff Olins) should be a "new generation" logo, not static, but dynamic, even if their intentions are not fully clear to me. In his declaration, the chairman of the organizing committee, Sebastian Coe, says: del presidente del comitato organizzatore, Sebastian Coe, recita:"The new Olympic emblem is based on the number 2012 – the year of the Games - and includes the Olympic Rings, one of the world’s most recognised brands, and the word 'London' – the world's most diverse city. [...]
The powerful, modern emblem symbolises the dynamic Olympic spirit and its inspirational ability to reach out to people all over the world.
London 2012 will be Everyone's Games, everyone's 2012. This is the vision at the very heart of our brand. It will define the venues we build and the Games we hold and act as a reminder of our promise to use the Olympic spirit to inspire everyone and reach out to young people around the world. It is an invitation to take part and be involved. [...]
The new emblem is dynamic, modern and flexible reflecting a brand savvy world where people, especially young people, no longer relate to static logos but respond to a dynamic brand that works with new technology and across traditional and new media networks. 
It will become London 2012's visual icon, instantly recognisable amongst all age groups, all around the world. It will establish the character and identity of the London 2012 Games and what the Games will symbolise nationally and internationally."
Anyway, on the London 2012 site there is a section che proposing to "create your own design", on the base of the proposed logo. I reproduce the design I prefer among those in the gallery.
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