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According to Woz, we are all supposed to wear red undies [webmasterworld.com] today.
>>from the illustration, looks a little more yakish to me.
He also states :
Depending on translations, it is the Year of the Water Sheep, Black Sheep, Ram, or Goat. Pretty much one and the same really as Goat and Sheep translate the same in Chinese.
The artist at Google made some compromises. ;)
I also notice the logo does not lauch any search on click, like it usually does.
So I guess most occidental people wont have a clue of what this new logo is about.