I agree Tony. After it was announced there were quite a few better variations, and I think that if they had the chance to change the logo they would. But it is what it is and I really don't mind it. There are a lot worse around....
Agree about the Olympic logo. It's not bad, but not great. The thing I REALLY don't like is the typeface they had commissioned. Nasty and badly proportioned. And the 'spiky'ness makes it quite hard on the eye.
Another point - the logo never costs £XXXXXXX pounds. It's the whole brand, the guidelines, applying it to the side of vans etc etc. I'm willing to bet the branding agency don't get all that money and if they do, it's for a much bigger job than 'just' a logo.
Anyway, the OP got his one click from me. And he won't be getting another one.