In the UK, 400k pounds will get you a pink garish emblem that looks more like a broken swastika drawn by Barbie than the logo of the Olympic Games.
In an attempt to appeal to the younger generation, the design team must've had graffiti art and the hiphop culture as inspiration in coming up with this design. The result, IMHO, is unreadable and a complete and utter mess. With that ridiculous amount of budget, I would've expected a more powerful and impressive design. It's lacking in character. I'm not expecting the Big Ben, London Eye or even the Union Jack in the logo because that would've been predictable but this is totally devoid of British flavor.
A colleague said it looks like a girl giving a head. What do you think?