The logo (referred to as a "brand" by everyone involved) is targeted at young people, in the same way that "trendy" BBC youth television of the 1980s was (i.e. a bunch of middeclass suits getting around a table and brainstorming what the kids are into these days). To this end, the jagged logo has a hint of graffiti art about it (or that's what they'd like us to think). Reaction has been largely negative - The People don't like it, but what do they know about art?
The phrase "deformed swastika" has been bandied about. It also has an air of the Nazi SS logo about it, which is nice. The BNP will be pleased. People who love the 1980s will also be pleased, since it looks like it was designed back then.
An online petition has been launched to scrap the abomination, and has already been signed by 5000 Londoners.