That Ferrari car design was rated the worse and the blue HP within the huge white part of the top of the design is a complete eye-sore.

I'd say HP had a great advertising idea and its target was already achieved: everybody in F1 is talking about them and their stupid logo.
Here are some of the cars revealed--
I've read that it's a common practice to use old parts wherever possible in this kind of events and reveal the actual only at the race.
And it makes sense, else all the competitors get plenty of pictures and ideas to fix their car in the weeks they still have until the racing actually start.