What a waste of effort, time & money. There's almost never a valid economic argument (or ROI) for a logo makeover. It's certainly fine for them to spend their money as they wish, but they're pissing away perfectly good money when they do. I'm keen on presenting a good image to the public, but that's me preening in the mirror - the sad truth is the public could give a rip.
It really frosts me when public utilities & such do the same thing - with our money. I have no choice where I buy my electricity, and a new logo's not gonna make me feel better about rising rates.