Something about it doesn't look right without the dots. I was never a fan of this logo anyway, but I can't put my finger on what's wrong with it.
It's just not very good.
The colours are weak and mismatched, the text looks lost, the smile doesn't come off, the font's dated (appropriateness does not compensate), the cartoony style doesn't work out of context of the idents...
In the old vintage look stakes, they've opted for naff rather than classic. And given the channel name, I think they've completely missed the point.