Even if the logo was good grahic design, it gives off the wrong message.
It is jagged, it is disjointed – it says disharmony, edginess, discord, disorganisation…. all the things the Olympics are trying not to be! The traditional interlocking rings somehow signify unity, which is much more to do with the Olympian ideal. I also think that the fragmented design, like something broken, is bad taste in view of the 7/7 bombings that occurred the day after London was chosen as the winning Olympic bid.
It also looks vaguely like a fat athlete who is clutching their back in agony after slipping a disc.
I’m not being old-fashioned or traditionalist – there is lots of good design around now, but the London Olympics 2012 logo is NOT good design.