Answering my own question, I found this in the Advertsing Age:

http://adage.com/article?article_id=146353

I don't think this is going to end well for Gap.

Main purpose must be repositioning of the brand - their largest competition is American Apparel. Place the new logo between the old gap logo and the AA logo, the thread linking all three will be pretty obvious.

Wouldn't surprise me if a buy out was on the cards.

Looking at the old logo, I'd say it looks like it's aimed at a fifty-something demographic -- I don't blame them for wanting something that looks "younger".

But the new logo is a mess, and looks like something you'd come up with in Powerpoint in five seconds without changing the defaults. There's nothing wrong ideas-wise with san-serif "gap" over shaded blue square, but it comes out looking bad.

The new logo looks worse than bad. It looks like an accident.