I'm going against the tide and saying this looks quite nice.
I'm not convinced by comparisons to VS. VS is indeed toolbar and palette hell in its default configuration, but there's nothing intrinsically wrong about what it displays and how it displays it. VS simply needs a fair bit of TLC after an initial install to make it productive (for me, anyway).
Now, that XC4 screenshot looks rather well organised. It seems to have taken the one-window UI that most, if not all current IDEs use and arranged it sensibly (assuming this is an 'out-of-the-box' layout).
When I was new to Xcode I
longed for something like this. Since then, I've adjusted somewhat and now unthinkingly work around the damage of the window explosion that Xcode/IB/iPhone Simulator causes.
Also, I'd be astonished if there wasn't a simple shortcut to toggle a lot of the window chrome to concentrate on the code. Bear in mind that the screenshot is showing what's effectively 'Interface Builder' mode - there's an awful lot of UI to represent.
I'd like to see the ability to tear-off that IB 'tab' to form another window, making multiple windows a per-scenario choice rather than the rule (as at present).
Can't wait
[edit: as long as Xcode doesn't copy VS's bizarre ability to forget the state of the current executable -- is it running, is it stopped or is it paused at a breakpoint? No idea, everything's greyed-out! Oh what joy Windows Mobile development is...]