This is the new logo for the 2012 London Olympics (by Wolff Olins), released today.
A sad day for our advertising/ graphic design industry, I feel.
Read Seb Coe's justification here.
Apparently, it comes in a series of shades of pink, blue, green and orange (euurrrgh) and will "evolve" in the run-up to the Games. Perhaps it evolves into a logo that's actually good...
Thanks to Paul Silburn for the tip
UPDATE: There's an unintentionally hilarious video that goes with it.