Here's an example of a GOOD Olympics logo. This is the official poster from the London 1948 Olympic games.

The backlash against the London Olympic Committee's 2012 logo is growing. Hundreds of people have uploaded their own designs to the BBC, many which are much cooler and relevant than the LOC logo. Here's a sample of fan-created logos:

The first incorporates the Union Jack flag. The shape is outline of London's city limits.  The second is cool but nobody outside of the UK would get it: it's a play on British street name signs.   

I think my favorite is the last one!  If you look closely, the shapes spell out how the artist feels about the LOC's £400,000 new London 2012 logo: "Ripp Off"!