I guess this is a better place for a more formal critique. Here is my take on this as a designer:
I feel this iteration is a step backwards for a number of reasons. The design as a whole is much less familiar as an iPhone and an Apple product. The classic silver bezel is gone as are the simplistic lines that grace all of Apple's industrial designs. By removing the curved backing, Apple has taken away ergonomic considerations, something they were careful to champion when the first iPhone and even the iPad were released.
Taking this a step further, the transition between the glass front and the aluminum center housing is awkward. Evidence by the close up images provided by Gizmodo, the materials are not flush and come together more like tectonic plates than a finely tuned industrial design. There are also smaller design inconsistencies, including the volume buttons, which no longer have their contexts defined. What this means is that the previous volume rocker made it clear that the top was volume up and the bottom volume down. These new buttons, perhaps to Apple's benefit, are no longer as strictly defined.
Overall, the 3G/3GS seem much more well executed and resolved. I will be disappointed if this turns out to be the real deal, but I am extremely doubtful.
