This one seems like it'll last longer. The rebrand to the [CHALLENGE] logo was Sky making its mark IIRC after it acquired the channel from Virgin, so I can understand that one. The refresh from that one to the characters is one I can't understand because I didn't see a problem with it. The characters tired quickly and I felt it cheapened the brand by having what were essentially goofy cartoons promoting the channel. Now we have presentation that seems far more sensible and appropriate, and will hopefully last a bit longer.
My point is, of the four rebrands they've had, I think at least two of them were necessary.
Sky continued with the Virgin Media branding for a year or so as I recall. Certainly it launched on Freeview with that branding. I think that branding was probably the worst to be honest - it said nothing about the content of the channel. I agree the retro look was good - but I think this new look probably beats it.