I think Vincent Tan should be careful about changing decades of bluebirds history, simply to satisfy marketing needs. The best solution is to marry old and new. I'd like to see a marriage of old and new. I think it would be good for Cardiff City.
I think Vincent Tan is thinking "there isn't a Red Dragons team in the Premier League, so let's make Cardiff City the first?" Don't be fooled by all the talk of luck and superstition, this is primarily a business decision. The colour red and dragon symbols are popular all over the world, not just in Asia and Chinese culture. Every culture has dragon folklore and Vincent Tan is likely betting on this as part of a marketing strategy.
http://www.groggs.co.uk/shop/land_of_dr ... ragon.aspx
Imagine this bluebird dragon as a Cardiff City mascot and kids plushie toy?
Tradition is important and not something that you can just change overnight after a 100+ years of it. But change is also important, as in making a fresh start to kick on to better days. The thing is, there are already so many "red" teams in the EPL, why turn Cardiff City into another one?
So instead of blue or red, why not combine both red and blue into the new jersey? Spain's national team wear red and blue; Barcelona's jersey combines red and blue--so why can't Cardiff City do the same?
Regarding the badge: In the current Cardiff City badge, there's already a dragon there. So I would play it up on the badge, but leave the bluebird in there, like maybe sitting on the dragon's shoulder. I'm not really sure what the daffodil symbolizes and if it's not crucial, I would remove it and play up the relationship of the dragon and the bluebird.
In summary, I think Vincent Tan believes that in order to make Cardiff City financially viable and sustainable over the long-term, he feels he needs to rebrand the club with the colour red and dragon symbolism. However, he should take care to consider the 100+ years of bluebirds history that have become ingrained in the club's supporters, and not remove it completely from the club's identity--doing this will upset and alienate many supporters and goodwill takes a long time to build. He should find a way to marry old and new in a compromise, which while may not be completely satisfactory to all parties, will be something the bean-counters and true supporters can both live with.