I haven't seen it mentioned yet, but I think all of the naysayers are completely missing something here.
Because the Premier League used to be sponsored by Carling, or Barclay's or whoever, every team barring this season always carried a "sleeve sponsorship" - it just so happened they all had the same one.
This season is the first season where no sponsorship appears on the sleeve, as it's the first season the league has not had a sponsor.
So from next season, the PL is allowing each team to have their own "sleeve sponsor" on one sleeve, and keep the clean PL badge on the other.
Every team in the league will have a sleeve sponsor next year I would suspect. The fact that we are the first to announce ours has seemingly upset a few people, but I don't think it's something to worry too much about as all the other clubs will no doubt do the same.
It does look shit though ;-)