Got it Yesterday.
IT ROCKED.
More specifically:
Cover Art: No static pose, here. Full on ACTION! Gorgeous.
Wil Save: Wil Wheaton is a great writer, and a true geek. I appreciated it as a father, and as a geek. BTW, I highly recommend
Just a Geek. It's a fantastic, often very painfully honest book, both funny and touching. Anyone who doubts Wheaton's street cred to write in Dungeon should read it. He's one of us, folks. I mean, come on, it's published by O'Rielly, for pity's sake.
Modules: A commitment to publishing multiple modules, for different levels. Bless you.
Monte Cook: Dungeon becomes more of a DM book every issue. Kudos.
Campaign stuff: Critical threats, drop-in encounters and lairs? Very cool. I noticed how the NPC in Critical Threat had explanations of how he'd fight in Greyhawk, the Realms, Oriental Adventures and Eberron. Rocking? It's that thing you do.
ISLE OF DREAD: I had to keep myself from using Expletives, there. A fold-out map. Two articles. Pure gosh-darned gold. Go on with your bad selves.
Internal Artwork: The already good gets a little better. I LOVE the 'cover' picture to "Mad God's Key". It feels classic, somehow, if that makes any sense. It's an action shot right out of the module, and it's just swell. The Isle of Dread pics are equally good.
Downer: Yeah, I know some folks don't like him at all...but I enjoy the heck out of it, and was glad to see it still there.
So, in summary: COOL.