It is ok, looks nice, but doesn't really add much to what is there already.
What I have never understood is you have all this screen space, and you can't use the app when you are in this mode, so why not use more of the screen.
What I would like to see is the settings stacked on top of the app selection window. So in 1 double press, you could adjust say brightness, play pause etc, or select the app you want.
Also, not so much of a problem for the iphone, but when you hold an iPad in landscape and double hit the home button, the 'open apps selection' appear at the bottom of the screen.
Given that you have just hit the home button with your thumb, it makes sense to have the available app choices right next to wear you have just pressed. Otherwise you then have to move your hand from the home button to the bottom of the screen, then choose an app, then go back to holding the side of the ipad.
(it seems for me when I hit the home button, I quickly go back to holding the ipad with 2 hands while I double tap the home button, I guess to steady it while you double press the button.)
I might be nitpicking here, but to me that would be much more natural.