(Business advice is coming, but I need to apologize and clarify first, thanks for your reading patience)
Michael commented to the effect that I should not pick on something as sacred as the Olympics - he called it a, "public tradition and institution that inspires our youth." He actually went on to suggest i go and volunteer my time to help coach kids to do better with their sports.
He brings up a great point, so I wanted to clear the air - first off as a former amateur athlete I would never take a shot at the Olympics or any athletes training for those games...and not that it matters too terribly, but i do coach young divers and have done so since my retirement from the sport, I volunteer my time to help the high schools and just about anyone that wants to learn about the sport.
Here comes the business observations...
My comments of pessimism were directed to the marketing committee or chairman that eventually approved the new design. How often do we see an ad campaign, a slogan, a brand identity, a positioning statement, etc. that is much more about the company and its Board of Directors than it is about the consumers and customers of the brand! (David at Logic + Emotion had similar problems with the logo, taking it a step further with a comparison to a much more successful logo for 2016.)
I believe whomever they commissioned for the 2012 logo missed the mark considerably. I have not researched it completely - maybe it was a famous design team, a legendary artist, or simply the abstract reasoning of a team of creative people trying to make a fresh statement with the 2012 games. BUT as Michael pointed out, the Olympics embody "tradition"
...this is not a brand that we need to get CREATIVE with, this is a brand that needs to be simple and understated. Incredible creativity has it place and time, but some campaigns really need to be about those who consume it, those who follow it...and the Olympics is one of those brands.