I kind of like the added colours but I don't think this logo makes a great deal of sense, if any. Especially considering how easy it is to fit 'All' into the logo.
Ta-da! I know this mockup is terrible but it was done in the space of two minutes, and I'm no graphic designer by any means. But the word All fits so easily into this logo, so...why they went for the logo they did is a bit baffling.
Looks better than what they came up with.
But the Channel 4 logo is a beauty - I think it's a shame they are messing with it. You either show the whole logo untouched or you don't show it all.
Not sure why it's so difficult to put a couple of letters of text beside the full logo for anything related to 4. It would look better than making a mess.