The jagged emblem, based on the date 2012, comes in a series of shades of pink, blue, green and orange and will evolve in the run-up to the Games.
There is much sport to be had here about what it'll evolve into... my guess is either a map of the UK or a runner of some kind:
However, there are rather unkind possibilities that flutter through my imagination too....
I'll still go with my original thought... what the bugger is that supposed to be?
Update: The BBC have their own alternate logos, every single one of them is a distinct improvement on what's been decided upon. Even number 11.
(The images here are posted as an editorial comment on the logo, and hence seem to me to be 'fair use')