How good is the 2012 Olympics logo?

London has just revealed the 2012 logo. It fails to impress me. They couldn't have chosen a more hideous and jarring colour combination. Besides, what's London or British about it? What's your take? If unhappy sign the petition to change the logo. The one from Athens gets my vote. As for the 2010 Delhi Commonwealth Games logo, very old-world, plain insipid and grossly uninspiring. Sigh!