Thanks for all the information guys! You've helped me gain a better understanding of this type of style of our badge. I think the first time I'll get to legitimately wear the new badge is at this semester's Associate Member Ceremony this upcoming weekend. I'm looking forward to it, even though our chapter down here at uMiami probably won't take a second glance. Oh well...it's good to have your enthusiasm. Also, I got to take it home to show my family and girlfriend over the 3-day weekend, and they all liked it, too.
The Lambda is not curved at all...it appears to have been reproduced from the Lambda in the 9$ badge. I'm telling you, it looks like a combination of the plain one, and one of the expensive ones with pearls int he crescent. the two pieces look like they were borrowed from each other and combined. But, the end result is good. FYI...still not up on the Herff Jones website...
To answer
iheartrisigma's question, in case a clear picture hasn't been painted yet, we do have a few different official badges of the fraternity. The basic one is a 9$ plain one that all members can have. Other, more expensive and bejeweled badges are sold to members if they want to spend some extra cash. A little more bling and some different stone/gem combinations are offered, but the design premise is the same. You can view all of the currently offered badges (from the fraternity's official jeweler)
here.