I think it looks nice. Simple and classy. The only thing I don't like is that it says N.Y.C. instead of New York. That would've fit just fine. Why abbreviate?
I hope this at least works out as a launching pad for Yankee bashing as well as it did in the comments below the article. Oh, please. Oversensitivity just doesn't wear well on Yankee fans. As for the logo, it's about what I would expect from one of MLB's most storied franchises: no gimmicky crap, just simple, straightforward, and clean. I have absolutely no problem with it.
I'd say it's one of the best looking ones they have had. Very classy, unlike the Rollie Fingers moustachioed Reds mascot from '53 or the '59 Los Angeles logo with a sombrero on top of a baseball or the Cleveland Indians logos with caricatured Native Americans. '84 to '90 was definitely a bad period for the logo while '06 has to take the booby prize.
Alright, I'll be the party pooper that says compared to the previous logo the NYY one is stilted and boring and corporate. Fitting but not attractive.
If you care about a logo that lasts one year, your life is harder than mine.