The old logo looked like a wave from the sea. New one is just another meaningless swirl, like a toilet flushing this new logo where it belongs.
I'm not a fan personally... the old logos seemed to convey something about data... whether it be security, loading, etc. The one thing I liked about the outgoing one was that it looked like a loading animation frozen...
In the end though, the trend nowadays is to market your company as a lifestyle-play... not a hardware one... even if you make hardware.
It'll work out fine for them... see this on the shelves at Target and stuff and it'll most likely sell better compared to the boring other looking packaging. Let's face it... when your mom or dad needs an external hard drive for the hundreds of palm tree shots that look nearly identical from their vacation... the box with happy colors and pictures will sway them more as long as the prices match or are close to WD.