Honestly I think the original's blu-ray cover is far better than this one. That's just my opinion though. This one seems to screw with my eyes a bit. I mean, why is Simba up in the sky with Timon, Pumbaa, and Zira, and why are Kiara and Kovu on the bottom? With the title in the center, it's hard to tell what I'm actually looking at.
Personally, I would move the title up to the top, remove the black so that it's transparent, and move Simba and the other characters down a bit. I'd also make the background stand out a bit more. So much of the scenery in the actual movie is eye candy, so why not have that on the cover?
I will admit, though, my tastes in this sort of stuff tend to differ from most people. It is art; it is entirely subjective.
Here's a higher resolution image:
