... at least it is a bit more abstract than the 2006 Soccer World Cup logo from Germany. That was really like something made in the Kindergarten.
Somehow I like the complexity of the shapes as they do not seem to make sense on first sight. I think it's quite courageous to do something like that for a billion dollar event. I think it could be much better if the »London« typeface (which is really horrible) would be separated from the logo and act more like a subline.