This is just me but... it doesn't take me that long to read the names of companies on logos. Their 'simplification' wasn't really a 'time-saver' for most people. :p I think they can get away with watering their logo down simply because without the text, it's already identifiable.
I agree to this, so many companies out there simplify their logos to the point where its the identifiable logo and not text. There are instances where simplicity counteracts in a negative way like My space logo. In the end there will always be good logos that stand the test of time like Coke and those that need to evolve as times change, but evolution doesn't mean that you devolve the look. Also logos like the London Olympics [which makes me feel like a teletuby addict designed it] will always happen and what can we do but lamblast them for that atrocity. Sometimes sanity never prevails until its too late.