A not-so-new Logo

Recently, Olympic Airlines, which was owned by the Greek government, was sold to private investors. To symbol this change, the company held a contest to refine their logo. They wanted to signal a change in their culture and offering.
The guidelines for the change did not leave much room for creativity. These were the guidelines designers had to follow:
[The Olympic Air logo] Should retain the circle motif used in the old Olympic logo.
Could be designed using any font and any colors.
Should “give a nod” to the old logo, showing the development as well as the tradition of the airline.
Should be flexible and recognizable.
Should be modern, without being extreme.
Should not show its age.
Should be usable in all media, and in color as well as in black and white
As a result of the contest, and after thousands of votes, Olympic Airlines had its winner.
On the left is the old and the right is the new. Big difference right? On quick glance you may not even notice the subtle differences (besides perhaps the change from airlines to simply air). However, looking a bit closer you may see the changes made. The new one is a tad bit more modern than the old. The font is generally the same, just a bit thinner than the old. The thinner font makes it look more italic, implying flight or movement. Also, I think the darker blue gives the airline a more corporate look.
Below is the runners up in the contest.These logos show a sharper change from the older one. They look more fun than the logo that ended up winning. Perhaps it was too much of a change i guess.