As a New Zealander, I find the winning option better than the current flag, but only marginally.
The process of arriving at and developing the options has been terrible. No chance for iteration on interesting or popular concepts or designs at all. Unsurprising given a lack of designers involved, and a committee who just assumed if you had enough first pass options then surely the "best" flag would emerge.
Personally, I think the winning option could have been better, ditching the blue for black, being just black, white, and red for example. Even then it falls short of ideal.
Such a missed opportunity.