Compared to some of the cloth debacles we've endured over the years, I'm mostly happy with where we're at now. We've got blue and gold, we've got an update of the original crest, we've got a nod to the belt striping we used to have without looking like a diaper, and both home and away jerseys look good.
But I think with the brand new era of hockey we're about to experience, combined with the inevitable jersey redesigns coming with Adidas, there's an opportunity to grab the brass ring and make a truly timeless classic.
Elements for improvement:
Colors: The turn towards navy was a fashion-related design choice to attempt to make the jersey have more mass appeal (the same thing is done with cars: mute the colors so that they don't turn anyone off from buying). We don't need that. Buffalo has proven that it will support a good-looking jersey with league-high sales. Keep the bright colors in the game and bring back navy blue. It'll be a symbol of our bright new future.
Striping: Bring back the pure yellow triple stripe on the arms and belt, and, if we're going big, bring back the triple-triple socks. At the very least, bring back the double-triple striped socks. Notice that there's very little white on the classics (only Buffalo, swords, and number outlines are white on the classics), and the result is a beautiful, brilliant contrast. Don't mute with grey or excess white. In fact, fashion tip: grey should never touch yellow, that's gross.
Other bits: no piping. None. Keep the classic look.
For instance, examine the following picture. Then mentally transplant the updated logo from the jerseys on the left onto the jersey on the right. Gorgeous. Even better when you go from double-double stripes to triple stripes.