Basic thoughts here.
Yes, it looks like a slightly sleeker PS2, complete with blue highlights via an LED. Very slick looking, and it doesn't look like a VCR. It looks like there are a metric ton of vents on the back, which is also a good thing, since it should stay cool that way. Having no Power brick is a HUGE plus! Seriously, I cannot fathom how this thing can both be smaller than the X-Bone and have no power brick, despite having the beefier GPU.
Now, here are my concerns.
Mainly, I would like to know how I'm supposed to handle expanding my storage. Between installs and recording, that 500GB HDD could go fast. Is there an unscrew-able latch somewhere, where I can pull out and swap the HDD? If now I would presume they'd allow external HDD's, like with the X-Bone and WiiU, but if thats the case I'm really going to miss not having a USB port in the back. Don't get me wrong, for most tasks I'd prefer the USB's to be up front, but, if I ever need to hook up an external HDD, the wire leading around back will be an eye sore.
Other than that, this is a very solid design, and I'm quite pleased. So long as storage is properly addressed, I doubt I'll have any problems with this.