It's bland and, well, ugly.
The previous logo was simple and stylish - see the history of P&G logos in this excellent Emblemetric article - but the new one is old-fashioned and does nothing to enhance the image of the company, which is apparently the point of the rebranding.
P&G, as you're no doubt aware, preside over tons of healthcare and beauty brands, but their own identity was kind of tucked away on the back of their products, leaving names like Gillette, Vicks, Head & Shoulders and so on to take centre stage. The new gradient and drop-shadow laced logo is designed to change that, putting more emphasis on the parent company.
The new logo kind of reintroduces the moon, which featured on previous logos and led to some people with particularly overactive imaginations (and way too much free time) to suggest P&G were a bunch of Satan worshippers. Emblemetric point out that the reintroduction of the crescent moon could have a new negative, and equally stupid, connotation for some consumers. Yes, you've guessed it: now P&G could be a front for al Qaida. For some, Islam=terrorism and the aforementioned article notes that "[t]oday, unfortunately, the crescent moon is seen by a certain number of Americans as symbolic of the Islamic religion that they foolishly fear and abhor."
It's fine not to like the new logo, but do it because it's not very nice, not because you think P&G is a front for Satan and/or religious extremism. Dislike it because it looks amateurish and the other one was better - just look at how bad the favicon looks, for a start. Just don't dislike it because some tinfoil hat wearing conspiracy nutter thinks giant lizards are running the world.