There is a lot of stuff to like about what they're doing, but a lot to dislike, too. Piles of magical gear being downplayed? Awesome. Sliding backwards to the 1E/2E world where monsters followed one set of rules and characters followed another? Lame. Fighters and rogues getting "combat maneuvers" that allow them to do nifty things? Could be good, could be bad, depends on the implementation. Wizards and clerics getting magical abilities on a "per encounter" basis rather than "fire three spells and you're done for the day"? Awesome. Tieflings as a core race? Lame. And so on.
And of course, killing Dragon and Dungeon in order to inflate Digitial Initiative numbers transcends lame and jumps right up to "I want to knee you bastards in the groin" level.
So, all in all, still "meh." I think going forward I'm pretty much going to ignore it until October/November or so, when more actual hard data starts showing up. But initial indicators point to a giant, "So what?"