Mozilla rebrands

Mozilla announced its new BRAND IDENTITY today. There it is above. Reception has not been kind. But is it ever? Its nerdliness (:// indeed!) is being held responsible for the inelegance of the logotype, but it's the best thing about it.

I know it's easy to toss off "how I woulda done it" logo designs, but I think a little subtlety could have worked wonders. Something like the following, perhaps? Making the :// live within the flow of the type...