Personally I think a GCSE graphics pupil could do better than the £400,000 logo they have developed.
This reminds me of people that look at top-rate abstract art and say "my two year old could have done that" - I say to them "well go-ahead and get your two year old to do it"; make a fortune. Of course what is going on is people's utter failure to recognise other people's talents. Good art doesn't have to be immediately likeable or recognisable as a characture. I'm sure you'd all like your art to be as close to a photograph as possible, and the 2012 Olympic image with London buildings represented there somewhere, or the British bulldog or lion or something - but no we've dared to be different and successfully avoided some naff emblem.
I can't even recall the Chinese or Canadian Olympic logos - and yet everyone is talking about the London logo. In fact, it's also hugely versatile, in ways you will discover. When you get used to the 'shock of the new' you may even grow to like it.
Wow, how people like to criticise and put anything new down.