This is the new logo for the 2012 London Olympics (by Wolff Olins), released today.

A sad day for our advertising/ graphic design industry, I feel.

Read Seb Coe's justification here.

Apparently, it comes in a series of shades of pink, blue, green and orange (euurrrgh) and will "evolve" in the run-up to the Games. Perhaps it evolves into a logo that's actually good...

Thanks to Paul Silburn for the tip

UPDATE: There's an unintentionally hilarious video that goes with it.