I like it. Irregular hoops return in a different form so we don't have the same kit as usual (2006, 2007 and 2009 shirts were very similar).
As for cotton, I prefer it in cotton personally. Thought this season's home shirt was the best fitting I've ever had from the club. And at the end of the day, if you want a more player-like one, get the player's version.
The stitch-on sponsor patch does look a bit tacky though, I must admit. If they can fully embroid them on to the hoodies, I don't see why they can't do it for the playing shirts?