As others have said, I'm not a fan of the red hat on a white background. Is it the color, the shape of the hat? I almost want to say that, had they simply extracted the hat from the old logo, I would've liked it more.

It's definitely both the shape and the color contrast. Makes it look like an amateur startup.

Neutered, and ready for corporate consolidation?

..yeah, checks out.

Personally I like the new hat better, but the overly bold font is poorly spaced (kerning) and reminds me of y2k-era Microsoft Word or pre-CSS web formatting. The original text is far more sleek and "modern" while the new text is blunt and jagged.