Design-wise, I prefer the 'classic' design. And even though the 1997 version is not the original, it built off of the original roundel design and has a clear continuity with its predecessors. This new one is a clear break and a redesign by definition that looks more like a 'badge' than a 'roundel'.
Ideology-wise, I actually like it. It's a nice clear separation between the BMW of yesterday and the BMW of tomorrow. Given that BMW is clearly embracing FWD/transverse, automatic transmissions, modular designs, turbocharged power and electrified platforms going forward, the old-timer in me kind of prefers that the 'old' roundel be retired and confined to the era when BMW was making different cars.
Now they just need to redesign the M badge so that we can distinguish which models came out of the BMW Marketing division going forward