The new look is definitely uglier in my opinion but I think the value won't change because people will always try to buy for max. However it is possible that the street price could lower a little bit.
They just ruined party hats. That looks terrible. Hope they change this.*Ahem*
http://services.runescape.com/m=itemdb_rs/results.ws?query=Partyhat&price=all&members=
EDIT: I wouldn't worry about it; It's probably going to get changed.
Look at item pictures on the grand exchange. The model is showing:
http://services.runescape.com/m=itemdb_rs/Christmas_cracker/viewitem.ws?obj=962
They'll probably be fixed soon.
Well it actually looks like a mask now, which I personally don't like. The party hats don't look too terrible, I'm just not used to seeing it yet.Here are the updated picture:
The eyes are apparently transparent (so your chars eyes will be seen through the mask)
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Awhole lot of shit changed honestly. Go look at bandos and rune armor.

