I just took the update. Positives: finally the "default" icon is the icon to launch the disc that is in my drive.
My biggest pet peeve of their "Dashboard Version 2" was the fact that when I booted up my console, the first thing I would see is tons and tons of giant billboard ads asking me to spend microsoft points. Then I would have to spend 15 seconds fumbling around my dashboard looking on how to launch the disc in the drive. Let's say I have Black Ops in the drive. Well, I had a hard time finding the launch-game blade, because all the other blades were also Black Ops advertisements that looked a lot like the game disc icon.
After over a year of using the "Version 2" dashboard, I still never got used to all the advertising blitzkrieg I had to endure every time I powered up my console. At least now the default screen shows a few useful functions, instead of blasting me with billboards. Dear Microsoft: I didn't pay $299 for the console, $59 per game, and $59 per year to watch advertisements.
With that said, it looks like total crap, it's cumbersome to navigate, it doesn't "wrap around", and they have again failed to come up with something better than Wii, and it is barely still equal with PS3 (which as far as I know is still using basically the same dashboard from their initial launch?) Wow, three times and you still haven't gotten it right. Microsoft, do you do any usability studies that aren't heavily influenced by your management team's need to earn a project bonu$? This looks like some intern's pre-beta concept.