They should be grateful that at least it isn't a disaster on-par with the 1996 Atlanta Olympics.
And that's about the best that can be said about the 2012 London Olympics logo. Universally derided as a confusing mess, it's hard to believe someone wrote a check for $796,000 for what may be the worst Olympic logo ever. Not just bad design, the logo is downright hazardous (and possibly seizure-inducing.)
Design can be abstract and effective, evoking a positive emotional response through color, movement, line and pattern. But this clearly isn't effective. All it's clearly trying to convey is the number 2012, and most viewers can't even make that out.