The official one is a piece of turd. Here's my nomination, a nifty logo by a Mr Richard Bamsey hosted at the Beebs. [the 4th]
Naturally, the creators of the official logo are defending the eye sore below. 
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I like the one by Glenn Holland (#8). Personally I am not too fond of having the host nation's flag in the Olympic logo. Kind defeats the purpose of the Olympics.
Hey, if you're going to insult the logo, you should do it grammatically. ;-) "Turd" is a regular noun, not a substance name. Just FYI, the medical term for a turd/POS is a "fecal stick".
That said, yeah, the official logo is bad. It looks like someone stepped on it and broke it!
And to think that £400,000 and a whole year was spent on it!!!
Can you imagine any business corporation choosing such a mishmash as a company or product logo? It doesn't exude any identity.
As to the other choices--none of which are very eye-catching--I would take 8 or 10. 8 has identifiable objects and 10 reminds me of Caspar the Friendly Ghost.
The idea of a burning flag is not a very good one.
There should be a contest among elementary school children to make a design. I am sure that they could do better.
Compare the London logo to previous ones.
http://www.10news.com/slideshow/sports/13461259/detail.html
All are much better except for the godawful Atlanta one.