Yes, the white bezel is pretty ugly but I wonder whether Apple had no choice in this matter since the bezel could be part of the display panel and maybe they couldn't get an exact color match between the display panel and the colored, aluminum casing on the iMac. So, they had to go with some "neutral" color and perhaps white was the only thing that didn't clash unacceptably with the new colors (so the options were either "ugly" or "very ugly").
As for the ethernet port on the now-external power adapter that kind of makes sense as it means you'd only need one cable coming up from behind the computer/desk. Plus, although the least expensive model does't come with ethernet you can apparently configure an option ($$$?) to add the higher-end power/ethernet adapter to the least expensive model. Maybe it will come in at $100 which would definitely be a profit for Apple and fit right between the base price of $1299 and the next upgrade to $1499 (the latter adding ethernet, two USB-C ports, and one more GPU core).
Who knows, maybe this will allow them to upgrade to 10Gb at a later time (if the ethernet controller is actually in the power supply).
As for the remainder of the design, it's okay but definitely not what I'd describe as a system for a "power" user (too little memory and not enough performance). But, it offers more than enough functionality for the average user who is mainly into content consumption rather than heavy data crunching. Well, other than for games which continues to be a sore spot on the Macintosh.
What I'm waiting for is an M1+ system in the Mac mini format, must have at least 32GB of DRAM, preferably 64GB, with at least twice the number of CPU cores. I guess that would be the M2, maybe end of this year, perhaps sooner for the higher-end MacBooks and iMacs with a trickle down to the Mac mini some months after.