I can see the creative process
"I want it BRIGHT PINK with fucking neon edges and shitt fuck yeah and make it look a bit like all that graffiti shit the kids are loving right now. Oh man we need to add the rings on somewhere just bung em in anywhere'll do. Fuck the colours, doesn't really matter if you can't tell it apart from an audi logo.... and stick London on there somewhere too".
Job done.
Its good that they intend to 'Morph' it as we approach the games. Hopefully by 'Morph' they really mean 'change completely into something half decent'.
Ehh then again, its just the olympics and not too many people give a shit anymore. On the other hand its not rocket science to craft a logo that doesn't look like a high school design project D-grade entry.