It must be a big decision to update an iconic brand and I think Xerox (with Interbrand) have done a great job, as mentioned by Advertising Goodness. From the Xerox website:
The new signature incorporates a lowercase treatment of the Xerox name. It is in a vibrant red Pantone 1797 alongside a sphere sketched with lines, called “connectors,” that link to form an “X,” representing the company’s connections to its customers, employees, partners, industry and innovation. The connectors are super-graphics that will appear as reoccurring design elements.

All businesses change, and perceptions of a business change as industry knowledge, indeed entire industries, move on.
With information overload, a brand that does not site alongside a set of values or a vision, defined by it’s offering and interaction with the world, is in danger of losing any identity with anybody.
It’s constant challenge with evolution becoming more rapid. And, it’s not just for the Xerox’s of the world. Does you brand reflect your vision?

I’ am undecided on this… my first impression was that the sphere element appeared as an after thought in order to keep up with current logo trends. Perhaps a little unnecessary and obvious.
Secondly it does remind me of the Xbox logo. Not that this is a particularly bad thing… as I think they differ enough, with a completely separate demographic. However, this (IMO) effects the iconic aspect of the logo as it no longer stands alone as a brand, as I will always think Xbox when I see this.
The true strength of the logo lays in the typography. This aspect I believe, is a sufficient enough development of the current logo to modernise it, whilst allowing for longevity.
In all, its not a bad logo and time will tell if it has the staying power of its predecessor.
Comment by Andy Russell — 09 Jan
I’m not sure the circle sits well with the typography, its almost as if one set of designers worked on the type and another on the icon and then they were just placed together.
I think the type works well and I like the letterforms, obviously especially drawn or adapted for the xerox logo, but the sphere has been done to death during ‘08 and could be attached to any brand, so I’m half and half really!
Comment by Gareth Coxon - Dot Design — 18 Jan