The final icon
According to the Google blog, the icon was based on a submission from AndrÃ© Resende, which I think looks better than the final version. However, I still think both are absolutely horrible.
AndrÃ© Resendeâ€™s original submission
As you can see, Google shifted the â€˜gâ€™ from the centre to the far left making it look unbalanced. Overall, I find it rather displeasing to the eye. I guess I will have to find some way to either block the icon entirely or make my browser use a custom icon instead.