One thing which a lot of people seem to have missed (which was a big priority in the logo brief) was that it had to work as a logo without either the Olympic rings, or the phrase 'London 2012'. Olympic rules state that commercial sponsors cannot use either of these things, so the logo had to be just as recognisible without the rings or the word London. Hardly any of the alternative logos fulfil this.
But the logo does have London on it, the olympic rings, and the logo itself it meant to say 20 12. So if you take those away you have a blank piece of paper. Either that wasn't a brief for the logo, or they forgot about it

Just thought of something, maybe this one is a hoax.