Heh. As if. These things take ages... and go through so many stages and meetings, mockups, focus groups on branding etc.
Personally, I don't think it's too bad, considering that the brief was probably about retaining the identifiable look and being able to vary it for different products. As with all these things, we hate it now... and within a year or two, it'll become accepted until the next time around when we'll all complain that the old one was much better. Also, until you see it used across an entire range of marketing materials, it's difficult to judge its effectiveness.
What was wrong with the old one? Looks old-fashioned and flat, especially for kids these days, the prime target new audience for soda, capture them early. Habitual buyers of Pepsi will keep buying it anyway.