Brazilian carrier Varig (owned by Gol since March 2007) recently changed its brand identity to a new modern look. Apart from the newly designed website, airport banners and advertising, the livery has also been changed.
Take a look at this comparison of the new and old livery.
New
Old
As you can see, the traditional look is nearly completely gone. They even changed the font of the logotype!
If you ask me, the tail and winglets look pretty nice but the empty white fuselage (with the small logotype) and the empty white engines, looks quite cheap. Some color at the underbelly (like Delta) and the engines would be a nice improvement.
Link: http://www.varig.com.br/