But that at least is using the bold primary colors associated with Google's logo. The Play logo uses off-colors (this goes beyond the logo, look at the main page: movies/music/apps and games/books are in the same colors as the Play logo). I thought this was weird as well -- all of the other Google favicons (gmail calendar, docs, spreadsheets) have strong, bold colors used in the Google logo -- just glancing at the favicon I couldn't tell this was a Google site.
I wonder if this is intentional though; it seems very odd to depart from their traditional colors.