I answered no. I absolutely love this new design and I almost feel like a redesign would be like when the design changed from the first iPhone to the 3G. It wasn't as good.
I will say though, that when I saw the iPad, one of my first thoughts was "Wow, that design would make a beautiful iPhone." Imagine the full aluminum back and sides with black Apple on the back, matching the design of the iPad. I think that would look wonderful. But now that I have seen this design and have the thing in my hands, I think it's one of the most beautifully designed electronic devices I have owned. I always felt like the 3G and 3GS felt so cheapened, but this thing is solid and looks and feels great.