This design is the only one I've seen so far that includes a tukutuku (zig-zag pattern). This tukutuku is reminiscent of the Union Jack. The colours and the southern cross link back to the current flag.
I personally think it's a bit boring, especially in a small size. Also I think it can get a bit muddled if the flag is only partially visible such as on a flagpole on a windless day.
Feel free to visit the designer's page.