What is wrong with people thinking the logo looks like underwear? I am willing to bet people are more likely to remember the logo and company. I remember when everyone was making fun of the name "Wii", but I would be surprised if that name, which generated free publicity, did not help Nintendo.
If the logo reminded people of genocide, okay change it. But underwear? Seems like a good thing to me since they might remember it better.
From a UK perspective, the problem is that "pants" can be used to say something is rubbish, or similar. We might say "that new Yahoo Mail design is a load of pants". With the Wii example, there is not the same sort of common use in any country I know of. (Maybe there is, but I don't know)
So, OK, it is amusing and probably memorable, but as I Brit I would have tell them that they don't want a bunch of Brits saying their product is a load of pants.
So, anything else, and it might be slightly clever marketing, but in this specific, I'd put my sensible head on and say they should avoid it.
Valid question - "any press is good press" and all that. I think it makes sense to change it if 25% of users think that way but 2.6%? "Oh, how cute. Those Brits..." would've been just as valid of a response.
If the logo reminded people of genocide, okay change it. But underwear? Seems like a good thing to me since they might remember it better.