I generally like the new logo. However, I do have an observation. Obviously a lot of work has gone into it so please forgive. The main thing that sticks out is that the baseline of the left cup is the same as the overshoot on the right. This make it look bigger and slighly unbalanced in my opinion.

In this instance the cog isn't performing the action some people might associate with it - changing some sort of global or account setting. It's specifcally altering a layout, so something along those lines might be better. Also having the menu stay open to allow multiple changes would be welcome.

Is this more accurate?