You can read more about this design at the RCJ in an excellent article by David Montgomery (OK, let's just say it, I'm a fan.)
Termes said he tried to blend together two different motifs: the sunburst from the traditional state flag and a medicine wheel to represent Native American heritage.
The bill wouldn't abolish the old flag. All official flags made before July 1 would remain official even after the new design went into effect. The law would also authorize displaying the state seal - currently at the center of the flag - as a flag or banner.
If you are as thrilled about this flag as I am -- please contact your state legislators. Although apparently there isn't a lot of opposition right now, when it comes down to it, the loudest voices seem to speak against changes, even (maybe especially) small ones.