Simple can be effective, the new logo (whether it be white/red or red/white) has already grown on me. And provided it is accompanied by effective and strong idents and a sound graphics package, I think it will work very well.
You don't too many components to a logo, it will end up being too busy, and actually more difficult to remember, therefor less effective. One example, although completely unrelated to news, is Disney Channel. They previously used more intricate and involved logo idents, each in a slightly different shape, but still forming a mickey mouse image. However, now they just used a cleaner more simple logo, that remains the same shape. It looks a lot better on screen and is much more distinctive.
Goodness only knows - Kirsty's doing it on Sky Five news as well...
There isn't something stupidly simple like a large scale rehearsal or summat is there? I mean, something they might collaborate on, just to see how it all came together?