Design is subtle. Good design seems obvious.

I say that only somewhat tongue-in-cheek. The precise spacing, kerning, proportions, typeface, line width, other ratios, etc do matter.

The look is simple, timeless, and iconic.

That said, it does seem rather too "obvious."

I often struggle with whether to praise design that is so stupidly simple. Companies spend millions to end up with such simple things.

True, true. I defended Microsoft's new branding. It does take effort to come to a decision between seemingly similar designs. This one just seems like it should have been done earlier, I just feel like it's getting disproportionate praise (not to bag the designer), maybe just because pg said it's good.