Having seen the show, I can also say with some authority that the logo really matches the show you will see. The show is as simple, colorful, and as bare bones as the construction paper strips and ground that the logo is made of. The lack of detail in the production is even mirrored in the logo lettering that has the center of the "R", "A", "B", and "O" missing. Talk about truth in advertising!
And I think the change to this logo from the Encores! is most appropriate. People go to Encores! productions expecting a bare bones, slightly staged concert version of an old show. And so the Encores! logo, full of detail, makes sense: it reminds patrons of the full scale production that happened in the first place, years ago. A memory-tickle, if you will. Changing to a more "as you will see it" logo/artwork for a sit-down Broadway production is all the more appropriate in this "full disclosure" era.
Finally, I think that the logo looks much better small scale - on the Playbill and show card. The larger scale really looks kinda cheesy as it covers story tall doors and theater marquees.