Instagram's new logo which they unveiled two weeks ago is a very big move from their original logo which relied heavily on skeuomorphism to relate to users. All jokes aside, the logo and all of Instagram's other apps seem to be moving toward a generic look that no longer make its app stand out among home screens. The rainbow gradient and generic glyph of a camera immediately remove any sort of quick-identifiable trait the old logo had.
Do I like it? Maybe not. But I do like the new in-app design. It's all black and white and very sleek!