Maybe Google thought it was a bit off as well because the change was only up for a few hours before being pulled for the old logo again. The new logo was interesting, and we get that the Play symbol was supposed to replace the word; and, the darker color of the word Google looked much nicer than the washed-out grey that is in the current logo.
We think it's probably best that the word "Play" stays in the logo for a bit longer, because we're not sure the name has enough traction with casual users yet. Play is a very important branding for Google, so to obfuscate that brand too soon is a risky idea. It's probably for the best that this rollout was pulled back, but we wouldn't be against seeing a tweak to the Play Logo.
source: Droid Life