It looks very much like the Danish flag. It could be a new logo for the Danish Soccer Association or maybe for the cherrywrapping company cherrox. But you're all missing the big mistake. The name! It's spelled wrong. It should be Zerox, right?
But to me it looks ok. I've already forgotten how the old one looks so they must be doing something right.
P.S. Many of you don't know this but Dabitch recently gave a lecture at Lunds University about the web 2.0-ification of logos. And the Xerox logo is a clear example of this. Maybe we could get Dabitch to show the powerpoi.... ehr. keynote presentation.