I don’t notice it until it’s actively doing something, in which case it’s delivering useful information, which it generally does quickly before getting back out of the way. It’s excellent: there when it needs to be seen, faded into the background when it has nothing to say. It also puts all kinds of stuff that used to show up in various places and formats in one predictable spot, delivered with a consistent look and feel.
It really is awesome, the opposite of annoying. It’s one of those things that, once you’ve seen it in action, you can’t understand how no one ever thought of it before (though you can certainly understand why the folks on the Android side were so eager to copy it).
For added context, I upgraded from a XS Max to a 14 Pro Max, so the relatively small pill cutout that houses the Dynamic Island is a noticeable improvement on the big notch I’ve been used to for years now.