Looks neat but this definitely has very little to do with logo. Logo was basically a kid friendly interface sitting on top of a very Lisp like language, this is much more like @dustmop says, Game Maker or Klik & Play.
The point is not that it is a successor to Logo, but that it attempts to reach the same goals as Logo. In playing with it on the Xbox, the programming seems more like Scratch than Logo.
On a side note, does anyone have a link to the PC version? The Kodu site states that it runs on Xbox or PC, but I can only find the Xbox version.
Sort of reminds me of Apple's Cocoa (no, not the Objective-C toolkit). It allowed you to create games by demonstrating what you wanted to happen in certain situations; it came with an icon editor for graphics, basic variable support, and triggers for keyboard presses or when certain conditions were met - it was a pretty neat system to play around with.
After watching this video: http://xbox360.ign.com/dor/objects/14310459/kodu/videos/ces2... it looks to me not like Logo, but like all the existing Windows game creators - Game Maker, Klik & Play, Multimedia Fusion - but with a nicer UI and easy 3d. Seems neat, looking forward to me.
I'm impressed. Just went and bought it on my xbox, (400 points so about $5). Built a world or two, it took a bit of practice getting the controls down but then it was pretty fun. Some options are hidden in what I would consider weird places but I'm excited to take it and show the game to my younger siblings, I think they could really get into it.
Borland tried something similar, awhile back. It was called ObjectVision, and was before its time. It was not game oriented, more generic. You placed a graphical object in the window and then programmed its behaviors...
I got 2 months into a point of sale system until I ran into too many rough edges.