The Sydney Morning Herald headlined their story Olympic logo gets the thumbs down and referred to comparisons with “a disfigured swastika”.
But the Wikipedia entry has the best material so far. A reader of free newspaper London Lite pointed out a resemblance to Lisa Simpson performing oral sex.
A segment of animated footage released at the same time as the logo triggered seizures in people with photosensitive epilepsy. London 2012 removed the offending footage from its website.