I think the new visual effects are nice and fit the game well. The music works well for the game. The drama is an interesting feature, which adds a bit of strategy of deciding to go with unaffected sheep, or deal with the troubles for the multiplier. It would be nice if the current multiplier was shown somewhere on screen. The game is easy to understand and play. The feel of the game fits well with the setting of being at a show.
It would be nice if the cost of the ribbons showed when you hovered over them. I was able to get a ribbon before the tutorial popup mentioned them, but did not see the cost. I was not able to afford the second one that popped up right away, and it did say not enough points, but did not say the cost either. Even just adding the cost to that message would help, as people may forget the cost, especially new players trying to learn everything.
It would be nice to be able to see what a ribbon does after adding it to your sheep. Either adding it to the sheep's tooltip/popup, or adding a new popup that shows when you mouse over a sheep that has a ribbon. It could be at the top, or perhaps to the left or right side of the sheep.
The tooltips on the shop page can be hard to read. I'd update the theme to give the tooltips a darker/less transparent background. Maybe increase the font size 1 or 2 points.
The dialog box and its text feel a bit big, especially compared to all the other text. It may be great for readability, but I think it could probably be dropped several points and still be highly readable, while letting the player see more of the screen. I think the look of the dialog box could use a bit of polish to better fit the look and feel of the game. A different font might help. Perhaps add a little more to the border, such as using a nine-patch-rect to make it a rope or ribbon. Readability is important, so don't overdo it, but a little more to make it better fit the showy look of the game.
The pacing feels better than I remember from the last time I played, but the popup messages between rounds still feel repetitive, and like they slow down the gameplay. I'd also remove the Thumbs Up gave 0 points message and only show it when it does give points. A smaller notification message/status icon above the sheep that was affected by a status would probably flow better. You could use text with that status name, or an icon. Possibly both. I'd recommend icons that stay above the sheep showing all their current status affects, with a short popup when they get a new one that has the text name of the new status affect, possibly with the icon as well to be sure players know what the icon means. The icon could also be added to the stage hazard description. While the status messages are showing, you could continue showing other messages, as long as they don't cover the sheep and the status messages. In general, I think the dialog boxes should be saved for click to advance messages, while anything that fades on its own should have a different styling to let players know at a glance if they need to click or not.
The tutorial is helpful, though again with everything using the same dialog box it can be hard to tell when it is something to click on to advance, or another message that will fade. I suppose that the text is yellow, but I had not acknowledged that until reviewing things as I'm writing this. Perhaps an icon at the bottom right to signify click to continue could help.
Placing ribbons by clicking on a ribbon and then on a sheep feels out of place. I'd much prefer this being drag and drop as well, and getting rid of the dialog box about being in Ribbon Mode.
It would be nice if the end screen had stats for the game overall. You include total number sheep. How many varieties of sheep. Number of status affects on stage. Total score. Number of ribbons or times ribbons were triggered. It doesn't have to be fancy, just make a bit of a show scoring card look and put some numbers you can track with simple counters.