Personally, I'm not a fan of the new look. Maybe it'll grow on me, but for now it just gives off a MySpace kind of vibe (and I hate MySpace with a passion). While I don't mind change, as I think it's nice to change things around once in a while to not make it stale and boring, they've changed a lot of things, and I'm having trouble finding where everything is. But obviously, that'll change the more I use it, so it'll probably grow on me after a while.
My main gripe at the moment is the width. The old style was variable width, which looked really good on my widescreen monitor. Now I just have loads of whitespace, which seems like a waste.
I do like the new design for the recommendations area though.
What's with the microfont for the login box? I don't understand this fascination websites currently have with using really small fonts. I have a big screen and pretty good eye sight, so it doesn't really matter for me, but I'm sure it's a pain for others. I've always thought it was good design practice to not make fonts really small? Maybe that's just me. Also, the banner image looks like it was made in MS Paint (although better than my skills, so I can't really talk).
The new recommendations page. It's had quite an overhaul and is much easier to navigate. It's also got a lot more recommendations on display, I shall certainly be using this page the most.
The new profile page.
Why is everyone making "ID Card" style profile pages all of a sudden? The "bio" information is now way over on the right, away from my profile pic and info, it's just separating information that should be together. A very odd decision in my opinion. I also now need to scroll right to the bottom to see the "shouts", Facebook wall style. They've changed the focus of the page to be the big userpic and info about me at the top, but it's a music site, so I'd expect the focus to be my recent tracks and music tastes, which are now under it all. Still though, the recent tracks are above the fold, so I guess I shouldn't moan.
Overall I do like the new design, it has some minor annoyances but there's no way you can ever make everyone happy. The new recommendations page alone is worth all the bits I don't like.