Not all rectangles are squares.
There is a saying in math (specifically, geometry) - all square are rectangles, but not all rectangles are squares. I suppose it's not a math saying, as I've seen it applied to many, many things.
It's applicable to the 2012 London Olympics logo too. Coudal Partners swears it's a good logo. Most of the rest of the design community's reaction can by summed up by John Gruber @ Daring Fireball: 'It's fucking ugly. Not just kind of ugly, but hideously ugly.'
