This is not a good move because then other sports leagues will follow and then every sport will turn into a big ball of advertising and it will keep getting bigger and bigger.
If you compare this to what happens at your average NBA game (where you are bombarded non-stop by ear-splitting volume, product promotion during every piddly time out), this is pretty mild. In the EPL, the name is planted on the shirt, and really, no other mention is made of it. Unlike the "this third down conversion is brought to you by Gatorade" world of American professional sport. Like rcade, when I first started watching EPL games as a kid, I always thought it was odd that they had corporate brands on their shirts where one might be accustomed to seeing the team name, but I kind of grew to like it. The proliferation of commercialism (other than the ads on billboards at the perimeter of the pitch), almost stopped there. In American sport, where they do not (yet) put adds for corporations on jerseys, you have individuals like Michael Jordan and Allen Iverson that are practically owned by corporations like Nike and Reebok, and paying them to say things like "I'm going to Disneyworld" after they win the big game. If I had to choose, I'd rather have a big logo on my favorite team's jersey, than all the other crap that's foisted upon us.