Well, sort of.
Actually, they’re protesting the University of Waterloo’s rebranding efforts to change from its current coat of arms to a new logo that the University says is an exciting "new marketing-oriented visual identity."
The students and alumni, on the other hand, protest a logo they "do not believe ... represents UW's prestige and degree of professionalism properly." More on the story can be found here: http://www.theregister.co.uk/2009/07/24/university_of_waterloo/
So you can compare them, here are the boring "old" and exciting "new" designs.
I, of course, want to ask the questions, "How much money did they waste, err, spend to create this new "marketing-oriented visual identity," and "How long do they think it will be until the new logo is seen as passé and needs to be replaced with something even newer?"
I’ve blogged before (on June 1, 2009 and June 16, 2009) about the ways in which an entity’s coat of arms can be modernized to remain "relevant" (lord, I sometimes hate that term, especially when it is applied to heraldry, which to me is _always_ "relevant") without the need to spend a lot of money on an entirely new, unheraldic and often short-lived logo.