Urban Outfitters Design Disaster

It was recently pointed out to me by Mallory Wiegers that Urban Outfitters got a new logo.
http://consumerist.com/2010/11/urban-outfitter-unveils-snazzy-new-logo.html

...I was mildly appalled.
To make matters worse, their entire website is just as horrible to look at.
Enter screenshot:

It looks like something a small child made in paint. And it severely disappoints Mallory and myself as designers-in-training.