I like it. I don't love it, it doesn't blow me away or anything, but it is exactly what I was expecting. And that expectation wasn't coming from some "it's Sonic 4, it'll be mediocre shit" mindset. It was just me expecting what was the Sonic 4 Episode 1 logo, tweaked, adding Tails.
Now I'm actually kind of interested in what an episode 3 logo would look like. I'm guessing the Sonic 3 title screen, with Knuckles to the left of Sonic in his Sonic & Knuckles title screen pose. Maybe they'd put tails opposite Sonic.
Some Sonic Stadium forum members are going apeshit over the logo, thinking it points towards more rehashes. I see it as an homage, but not a sign that episode 2 will be Sonic 2 HD, wasn't episode 1 Sonic 2 HD already? Members are also crying foul over the fact that Sonic is in a very similar pose compared to the episode 1 logo. But given that it's an episodic series, it makes complete sense that Sonic would look similar going from episode 1 to episode 2. Heck, who knows, maybe this logo will replace the Episode 1 title screen should the two link up.