An Olympic Logo 2.0?

The new Olympic logo is out, apparently "It will work with new technology and across traditional and new media networks." Really? That's good, a badly designed logo could easily break your computer.
Oddly, there are no comments about it yet on the Olympics blog, but plenty over at 606 as the BBC Sports Editors blog reports. Indeed the BBC Sport online, purely indicative, online poll suggests that 83% of those who voted (last time I checked) think it deserves "the wooden spoon". Citizen designed logos seem a bit more popular, your designs for a logo are now the most read story on the BBC News website though the fact that an inappropriate image made it onto the list and into Boingboing.net may have something to do with it.As an East Ender I'd like to have seen a bit more of the area where it's being held reflected in the logo, the new one does remind me a bit of a 12inch cover from the 1980's, in fact is it just me or does it look a bit like Big Generator by Yes (see pic)?
But perhaps I'm missing the point, someone has just told me that if you stare at it long enough and then look at a white wall.....