I like its implementation almost everywhere except the dock and the home screen, oddly enough. The new folders and dock look like smears, which don't really sit well with me. Otherwise, I think everything else is OK.
I feel that Apple has done the translucency right whereas Microsoft's approach through Aero in Vista/7 was too conservative. Love the faded out look of the windows that are on the bottom of the current layer or window.
Only two things about the design I dont like is control centre should be dark like notification centre and the dock far more translucent. It can ruin a wallpaper as it is.