The Good: An AT&T ad features children’s drawings and a voiceover that says, “Remember when you were 5, and anything was possible?”

This new entry is AT&T’s attempt to reposition itself in today’s economical doom and gloom that has pushed down the economy, businesses and consumers for the past year and a half. The campaign is visionary and positive and looks like it comes from a progressive, forward-thinking company with innovation at the forefront of all of its quality decisions here.

The Bad: According to Ms. Lee of AT&T, “AT&T has not tried to define the totality of who we are,” adding that research among consumers found that “people understood we had evolved, but there wan’t enough acknowledgment of us being an innovative company.”

The Ugly: AT&T decided to not use the AT&T letters with its symbol, which is surprising given almost all consumers recognize those letters. This particular company has always had a lot of sway in its markets with one of the largest advertising budgets to throw and push around. $1.9 billion on advertising spending alone last year, only second to Verizon Communications who spent $2.2 billion. These are astonishing amounts, however, I think it’s going to take more than a quick “imagination – think” campaign to change perceptions about the company. How about starting with the delivery of a consistent cell and data service from the owners of the AT&T letters? Once they have mission accomplished, then they might think about a symbol-only approach to their corporate id like truly innovative companies use such as Nike and Apple.