Good design gone bad

Found the new pepsi logo, it is considered quite a bad design compared to the old one. People seem to think it lost any of the excitement it had and has now become really bland. Any thoughts?

Massimo Vignelli

"The life of a designer is a life of fight; fight against the ugliness."

Ugly

1.

very unattractive or unpleasant to look at; offensive to the sense of beauty; displeasing in appearance.

2.

disagreeable; unpleasant; objectionable

3.

morally revolting

Name

Hi everyone, so far so good. I took a chance on the name but we can always change it if need be.