Their motto is “Inspire a Generation”. The designers had intended this logo to appeal to the younger generation. This logo is a poor attempt at that. It is almost incomprehensible of what it is. If you consider that the London Olympic Committee spent $400,000 on that design, it is enough to be laughable.
The media is also being somewhat harsh on the logo and those silly mascot http://en.wikipedia.org/wiki/Wenlock_and_Mandeville. Nevertheless, some critics say the logos reads like “Zion”, others says it looks like a stylized swastika.