It's a nice updating. I don't know if I'm completely in love with it, but the more I look at ti the more I enjoy it.
Gone is the ribbon round the axe and chevrons with the team name. It's now incorporated. The chevrons have been reduced to one which merges around the front of the axe with the team name on ... curiously, the name itself has the city as the star rather than the team name.
The good news about the logo is that the new design, while spiffed up, doesn't lose the old. The double-bitted axe. The green and yellow colors. The video presentation makes reference to all the things that inspired the old logo, the forests and what not.
In the end, I think it's a logo that will work for the new major-league Timbers. I will miss the old one tho - seriously, I think they should have stayed with that. But if they weren't going to, they at least came up with a design that pays homage in all the right ways, works, and isn't ugly at all.