Branding is very important to a company, and Cyanogen Inc seems to understand that. The company already has a very malleable mascot for its custom Android software, and now it has created a logo to go along with the new company ethos. There has been quite a bit of thought put into the new logo, which may be lost on the casual observer, but is quite interesting.
The logo takes into account the three pillars of Cyanogen's plans: customization, security, and open source. Unfortunately, if this weren't explained, no one would be able to figure that out simply by looking at the logo itself. The "C" of the logo could be spotted and maybe connected to the idea of customization (after going past the more blatant connection to Cyanogen). The idea of security is supposed to come from the fact that the overall look is similar to that of a screw, which invokes both ideas of building and securing.
This new logo is not going to replace Cid, but work with the company mascot. This is the logo for the company, but Cid is the avatar to stand in for the CyanogenMod community, which is still going to continue its work.
What do you guys think of the new logo?