I've only seen pictures and Apple's videos of it, so far it looks glorious. I'm very excited to see how it will run on my iPhone 4.
Bear in mind that it isn't done "cooking" yet, some changes WILL be made to the final release but I think on the whole we're seeing very close to what it will look like.
One of the many interesting decisions I think Sir Jonathan Ive made was in brightening up the colour palette. I've read recently that this may appear a little too much to some western eyes, but should help the iPhone do better in other countries. Interesting if true.
Beyond the look, however, I am keen to find out what's changed "under the hood." Oh sure, the new eye candy is always fun to play with and all, but when the novelty wears off its those serious changes (not just the window dressing) that make the biggest difference in everyday use.