Club Crest:
The new crest looks rather like a military emblem of some sort. At the top are three stars, underneath is a golden eagle and imposed on that is the new club crest. The ship is still there, underneath that is MCFC and then three diagonal strikes (like the round badge in the early 70's?). At the bottom of the whole thing is a bit of latin, Superbia In Proelio which means Pride In Battle. Here is the official note on the reson for the change.
"Manchester City Football Club would like to announce that they have commissioned a new crest to replace the round badge that has only existed since 1974. The new club crest is based on elements from the original "Arms of the City of Manchester", the crest which is still used by Manchester City PLC today and worn on the team shirt for all Wembley occasions. It retains the original shield set against an eagle taken from the Badge of the City of Manchester, dating from 1957, also originally found on the City of Manchester Crest, on the ribbon flowing from the knight's helmet. Below the shield is the new club motto "Superbia In Proelio", a Latin phrase translating to "Pride in Battle". The three stars above the eagle constitute a design element that relate a more continental feel to the design.