The water jets haven't been removed, there still in place. I was on sf7 yesterday and today and seen them while boarding
Not sure if all the water jets were removed, there have definitely been major components removed and one complete waterjet unit has been seen in Holyhead recently.
As for the Stena Flavia's new paint job, one assumes that any rebranding work will be carried out while the ship is in port as they only drydocked the vessel for a week, they probably ran out of time to put the name on the ship, or it could be up for charter and may not be rebranded at all.
The paint job is very similar to the Norman Asturias (another Stena ro ro ship).
There are reports on FONE that Stena Line are about to undergo a major transformation to a "low cost ferry operator" whatever that will mean and this is accompanied by rumours of a major new build programme to replace many of the their ageing and expensive to run vessels for a common design that can be modified (during the build phase) for use on different routes, obviously these are rumours at the moment and based on a long term plan over the next 10-15 years.
Some interesting images of the Stena Jutlandica in drydock on this link:http://www.landgangen.se/forumsmf10/index.php?topic=28031.msg251381#msg251381