Thats only one of six proposed designs, I agree it's pretty ugly but I quite like Boris' idea, it ties right in with the legacy concept of our Olympics, will give the East End a tourist attraction other than Jack the Ripper and if it's architecturally good then it's win/win.
Plus the money won't be coming out of the public purse, so it's not like he's diverting money that could be used elsewhere for it, I do agree with the earlier poster though, build something in a classical style, maybe even an arch like Trajans and the Arc de Triomphe, I have a soft spot for the old classical stylings, I wish we hadn't dropped it in the 20th century.