The new London 2012 Olympics logo is...

A pretty freaky, psychotic splatter that looks like a big pink puke*. You can almost smell it.
It's been suggested that in five years time people will have grown to like the design. I'd say that is as likely as the Olympic Stadium being finished.
Sadly, I'm not allowed to display the logo here as I'm not an official sponsor.

* Also available in hueys of blue, orange and green.