It's terrible, dark and cluttered.
A few people were actually right about the "new" PS3 Store design being hints of the PS4 dashboard elements. Designed by outsourced company by SCEE...
The biggest issue is that there is no clear "design vision" present in the design of the UI. With PS2's dashboard or PS3's XMB, you could tell a certain "character" from the hardware architecture and vision in design was somehow present in the color palette and design of the UI. Here there is no "character", it seems like "PS3 Part 2". Let's say the PS4's design gimmick was white/grayscale palette hardware with PS2-like "ridges". That would then be applied to the UI in a way. But here...I see no character or bringing something refreshing to the table.
The elegant, classy and minimalistic "dashboard" designs of systems like PS1, PS2, PSP, PS3 and Vita are now a thing of the past with PS4. I'm sure the similar "philosophy" won't be present in the hardware design either.
It's certainly not present in the cluttered design of the DualShock4...nor is the system chip architecture something "unique" with a vision and philosophy that makes the console (appear to) offer something new and different not present on PC (PS2 Emotion Engine, PS3 Cell, PS4...PC parts).
It's increasingly obvious all of this (all of this) was designed by Sony's Western branches. I don't want to generalize, but that classy and minimalistic PS I used to know, in system UI, hardware design, architecture, controller...was entirely designed by the Japanese branch. I guess Andrew House taking over, a Westerner instead of previously a Japanese, ordered this shift. Losing Kutaragi and Hirai were not a good thing in my eyes, just as Iwata replacing Yamauchi wasn't good for Nintendo in my eyes. With this and the lineup of software, can SCE even be seen much as a predominantly Japanese company anymore, in an industry where the main competitor is also Western?
It is just a shame in my opinion, that the PS4 is a by-product of the recent culmination of the shift of importance in Sony's Western branches with SCEJ taking a big downgrade in priority. When PS3 launched, that strong vision was still there, but it started to dissipate in quality as the years went on; and this could be seen in even small signs like the new PS3 PS Store (SCEE developed) That original, strong vision from SCE's Japanese branch was needed in the design of the new console in all aspects.