Obviously, (assuming
this is
the new logo), you can't form a total opinion of a new brand by just looking at the flat logo (Sky1/2/3 proved that) but on first impressions I think that looks OK, nothing overly special but certainly workable.
Looks good to me. It's a logo that says "entertainment" more than the current one. I reckon five need a new image in order to progress. The current one served them well, but the channel seems to be entering a new phase. The stylised V reminds me of the Living logo.