I find their departure away from their usual logo styles pretty interesting. I like the logo, but it doesn't really say "google" to me. Maybe that's what they were intending http://cl.ly/053t0P2T1w441L3h3P0w
But that at least is using the bold primary colors associated with Google's logo. The Play logo uses off-colors (this goes beyond the logo, look at the main page: movies/music/apps and games/books are in the same colors as the Play logo). I thought this was weird as well -- all of the other Google favicons (gmail calendar, docs, spreadsheets) have strong, bold colors used in the Google logo -- just glancing at the favicon I couldn't tell this was a Google site.
I wonder if this is intentional though; it seems very odd to depart from their traditional colors.