I don't think it's 100% awful. My problems are:
1. No more Helvetica! Such an iconic font, whether you like typography or not. When you see it, you know it (think AA and the Space Shuttle). I ran a screen cap through whatthefont.com and it looks like Kievit Medium.
2. The tail - I like the idea of extending down into the fuselage, but the different shades of gray clashing from the fuselage and the tail section don't blend well. Should have gone straight red, white, and blue without trying to capture so much color contouring and definition.
I prefer the alternate that TMMT posted, but they probably argued that it was kind of a knock off of the Delta redesign - very austere and hard-lined.