In a single word - GHASTLY. According to the news article the logo "comes in a series of shades of pink, blue, green and orange and will evolve in the run-up to the Games." - not sure it will look any better in any other colour and as for evolving? Will it turn into Mr Blobby?
I have a theory that when businesses are in trouble they re-brand. In UK for example Abbey National bank - losses in money and customers -> rebrand (naff pink, red, blue etc logos (maybe same person that has done the 2012!)) -> sold off -> rebrand (new logo now looks like a Mr Whippy icecream at the seaside) - future??? Others examples include Thames Water, Thames Valley University, BP, the UK government etc.