We can argue about the symbolism of certain elements all day long.
But on the pure "look" of the design, if you (and the opinion of some others) is that the new insignia "looks like crap", the opinion of myself and a lot of my peers is that it looks much better than previous one.
Anyways like I said before, the basic design isn't changing. Management and the designer have invested far too much into this process to have it changed now.