I tried it out.
The first thing worth noting is that it is a beta, so I had a few times where it would lock up for 10 seconds or more. And they got rid of the mini-games list, which is a real bummer to me.
The good news is that it seems to be more efficient- it seems to use less resources if the game has been launched at least one time already. And it launches into the game faster as well (again, if previously been launched by the client).
I don't care for the actual UI itself, but I will say that they seem to have made the client a bit more modular. On the old UI, disabling the UI or friends list netted you no improvements in memory or performance. I've been fiddling around with it and it does use less ram if you don't use those things. This is great news to me, as I want the lightest possible client as possible (and if possible, making it solely DRM and nothing more). That way, when Stardock gets its in-game overlay running, I have the choice of which one to use for my games.
I have to say, I'm somewhat impressed. It's the first time I've really said anything good about Steam. I still consider Impulse my primary source for games when they're available, but I'm a bit more willing to buy cheap Steam games or Steamworks games (something I've been avoiding for a long time now).