The red banner is supposed to represent a smile (didn't another brand just do that). However, this smile explodes into seven flavor bursts. Each burst represents the different divisions of Kraft. Looks like another lower case logo - following the footsteps of some other big logo revamps like Wal-mart and Pepsi.
Looking at Kraft's website you will quickly notice they've incorporated making today delicious into who they are. Their brand values are apparent in what they do, their approach with consumers, how they behave, their reach, how they grow and who they employ.
This reminds me of another big company - Procter & Gamble. Like Kraft, P&G live their brand values which you can easily see when you visit their offices in Cincinnati, Ohio and on their brand web sites. Also like P&G, Kraft has quite a history dating back to the late 1800's.
I like the logo and the direction Kraft is taking. It's modern, you can relate to it, and it really looks happy. Food for most people, makes you feel happy. O.K. I have to end this now because I have really worked up an appetite writing this.