2012 Olympics

When I first saw the logo for the London 2012 Olympics, I thought the hip-hop inspired version was a pun. I’m all for bright pink, but this just doesn’t look sportish, and the font for “London” is sort of weird. I also thought that the blocks were too random to be done by a professional designer or brand expert.
The other reason I thought that that Must be a pun is because there are many puns on the logo going around, just like this Goatse variant that was mentioned on some blog:
The BBC also has some more logos submitted by their users.
So what do you think of the logo? Hot or not?

