Draw the pretty colored lines after you grok the concept.
It goes downhill for me as they try to get more technical, redefining the way the encyclopedia is edited and organized. Drag and drop reformatting of article layouts? Really? Don't the best Wikipedia articles tend to be conformant to template layouts?
Wikipedia is not Digg. It does not have, as its primary goal, the delight of random web users. They are doing something bigger than that.
I'm also not a fan of the branding idea. First, they've confused Wikipedia with The Wikimedia Foundation. The two aren't the same thing. The branding they propose makes sense only for the latter. Second, they're trying to do that organic living logo thing that has become ultra-trendy lately (just read Brand New Blog to see it done well); "as Wikimedia evolves, the little lines in the logo will change". Well, maybe, but the relationship between Wikimedia top-level properties doesn't change all that regularly, nor does it meaningfully change depending on the context. Nor does the aggregate set of lines between properties draw an appealing or meaningful picture.
Also the capital "I" in the font they're using is killing me.