They'll have to change it again in 5 years as it may look cool but it only functions for people who already know the brand really well. There doesn't seem to be a good reason for the redesign either and that's always an error. Who knows maybe a CEO really likes Black Flag.
I think that is exactly why they are exploring it. Their audience DOES know their brand. I would submit, they are not doing it for the audience they already have but rather the audience they DON'T have. That younger, hipper crowd who tend to make decisions more on image or emotions, rather than the 300 lb gorilla who hasn't changed for years. I for one, applaud them for the explorations at least. In the long run, they may not go with it, but I think the effort is valid. Their brand is tired (as is their profits I would guess) and are going through the exercise of "what if?"
It's an extreme change, but being ahead of the curve is a good thing and whether it gets used or not I appreciate the fact they asked the question " do we want to do business as normal, or look ahead and change direction?"
They probably paid a pretty penny for the effort too. Again, good on em for seeing the benefit of good design.