Well, I am currently viewing this site in IE 7 beta2, and I have to admit that for the average user who doesn't really know or care about how the browser really works "under the hood", it seems very nice. The interface has been totally redesigned, and I think I might actually like this setup better. It seems to be a more efficient use of screen real estate than the more traditional browser layout.
My biggest complaint within the first two minutes of using it is that there doesn't appear to be any option for importing favorites (or bookmarks) from any other browser. It doesn't even preserve your favorites list from IE6. edit: I found out how to do this
I'll let someone who knows what they're talking about comment on how the browser actually works compared to IE6, Firefox, and others, but from the normal user's perspective, IE 7 looks really good.
edit:
(Actually, this is my second attempt at editing this post since it couldn't find the webpage after the first time. I don't know it this was a browser issue or a problem with the site.)
I don't like the search bar. In order to change your search engine from the default msn search, you click on the drop-down arrow next to the search bar, which opens a fairly useless menu. The only useful option in this menu is "Get Search Providers...", which brings you to a page where Microsoft has listed several search engines (I half-expected them to leave out Google, but it's there). Why this extra step, when in Firefox and Opera you have several different search engines listed directly in their drop-down menus. Also, it plays the "Default Beep" noise whenever you complete a search by hitting Enter (t does not do this if you click on the "search" button, but that's extra mouse work I would rather not do). This gets very annoying very quickly.