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I don't think it's hyperbole at all. That the 99 Designs "logo" is as terrible as it is, proves nothing about the almost-as-terrible logo that is in use now.

"I can easily make a case that it is more professional than his current logo"

Please do. It's not obvious to me.

How is it hyperbolic? Your definition of a "professionally-designed" logo excludes the normal professional process for identity design. Then you conclude that engineering always beats aesthetics.