It doesn't appeal to me particularly on a first glance but I have a rule I call the "Slate.com Rule of Web Site Redesign".

A few years ago I found that every time Slate did a redesign I absolutely despised it and felt they'd ruined everything. Then in a few weeks I'd get used to the new layouts and feel happy again. Then they'd redesign and I'd hate the new design and wish for the old (new) one back.

So the rule is: "All redesigns will be hated in the short term and accepted in the long term."

I have a feeling this one will be no different :)