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I remember seeing an idea similar to Aol.s logo a while back, but that actually works. The reason: there's a strong, well thought out idea behind it. Unlike Aol. who don't really seem to have a message or basically any reason at all for their shifting logotyp, Post Typography have created a user-generated logo for Splice Today that the readers themselves can be a part of. They explain it like this:
Rather than a single logo, the emerging web magazine Splice Today has a constantly growing database of logos that are drawn and submitted by the website's users. Making the most of Splice's online format and forward-thinking editorial stance, this flexible identity system lives on the web without the typical constraints of print publications.

And that makes all the difference. Because it's so easy to see right through an idea with out any substance, we're not that easily fooled.
AOL has rebranded themselves as Aol. and have unfortunately failed miserably, again and again. Looking at their Brand Identity sneak preview video really explains where it all went wrong: "Hey look at this crazy stuff. Paint's flying in the air, people are rocking out! Look how hip and cool we are. Yeah!" This new ever-changing logo just makes me feel like AOL (oh sorry, Aol.) is a company that is so unsure of themselves that they thought this would be a safe bet that would appeal to everyone. Nice try.