Pepno!

"Pepsi's recently announced identity makeover from Omnicom's Arnell Group has been the object of a few grimaces in the design world. The logo and packaging redesign for the mega-brand's suite of soft drinks has morphed the iconic mark's white band into a happy mouth, of sorts. For original Pepsi, the band will represent a smile, the essence of the brand, while the slightly indulgent, yet controlled Diet Pepsi has a bit of a grin and Diet Pepsi Max gets full out laughs. Arnell Group founder Peter Arnell says all he did was tweak the original logo to reflect what consumers feel when they're with the brands."

Apparently other designers hate it...I'm not a big fan either.

Here are all the previous Pepsi designs.