Icons, logos, etc. represent brands: that’s what they’re for. AOL is repositioning itself for its impending independence from Time Warner.
Hence the new AOL logo: Aol. The case (lower case, not Steve Case) makes it look as though it should be pronounced, rather than spelled out. But how?
I have to agree with Om: it’s lame. Others (e.g. Peter at AllThingsD) are more diplomatic. But I haven’t seen any positive reactions yet.