(The following is my opinion, I don't represent the whole of the community.)
Compared to her old splash, it's an upgrade in quality, but a severe downgrade in aesthetic.
It looks more like an interpretation of Ahri rather than an official splash art piece. At least from the first attempt, they un-cattified her ears, added the bell, made her hair less matted and tangled, etc. but those are all small changes that didn't amount to much when the splash art was still almost exactly the same as what it was originally and caused people to complain about it.
The background makes it look like she's in a swamp, the face was made worse with the new update, the pose looks...weird, she looks like a ghost with that lighting, the random chin thing they added, the expression looks like she's about to sneeze, and her tails look like carpets.
It doesn't look good. I'm sorry, but this should not have been the replacement for the splash we begged Riot not to change. The same splash Riot was so excited about that they released it before Ahri was even a complete champion. If it has to change, it should be this one done by the original artist.
http://pre03.deviantart.net/ed1a/th/pre/f/2015/063/b/1/ahri___league_of_legends_fan_splash_by_knockwurst-d8kc0p2.jpg