Well it certainly has little appeal to me, been playing since the close of AD&D but still 3E is the only D&D I'll play. However, I have switched to D20 Modern which has been a ton of fun lately with an entirely home brewed world, culture, races, etc etc. Which should say about how much I use and like encounters sorts of 'time savers'. Though I'm not above and don't mind adding in a few one shot campaigns into my stories. Then again I guess I'm not part of the primary demographic they're aiming for.
It's still all about what you and your group likes and thus no one can say definitively if that's truly good or bad. I think 4E, with the looser emphasis on role playing and non combat encounters, holds no appeal to me. And yes I've tried it and I've tried it maybe a dozen times over at that and I still don't like it. The idea that the DM is the only one who matters is a fallacy as it depends what the game is geared towards mechanically as well. The degree to which I'd house rule things completely goes against what I like and I have no point or purpose in switching from 3.5 to 4E.
However, I will say, I play online a ton. It's all with D20 rules, it's mostly dialogue, character, lengthy plot and development, and it turns into something not unlike a novel which I found was exactly the pace and speed I liked. I'm not a fighting oriented person and from every instance of 4E I've played, while smoother in an action way it's not what I'm looking for and this won't help me get back into D&D. Then again, after hearing how great Pathfinder was I was willing to try it all out and I was likewise disappointed. I do hope this succeeds because it's always fun to have people come into the realm of role playing. Nevertheless, this didn't make me want to come back to D&D one bit, so to Hasbro I'll say thanks but no thanks.