I play most often as a DM in a home campaign, though I do play a fair amount of Living Greyhawk, mostly as a player. In my home campaign, everybody seems excited about 4th edition, and are excited about getting their hands on the material and playing with it as soon as possible. Talking to other players at Living Greyhawk tables, I saw more apprehension, though many are also excited to see the new mechanics.
I play with a fair number of gamers to whom at least part of the attraction to a game is exploring the mechanics of it and building effective characters out of the options presented.
They often pass rulebooks around, looking for new feats or new combos. In my home campaign, almost all of them are playing classes from newer books, like PHB II, or Bo9S. I think they're excited about 4th edition, since it gives them so many new mechanics to discover and play with.
As a DM, I'd like to hear more about the quicker prep times promised in 4th, especially in building advanced monsters, which takes up a good amount of the time I have set away for preparing adventures. I have to say that as a player I'm also interested in trying out the new mechanics and reading about the changes to the game worlds.
I'm not that upset about the fluff changes since every campaign I've played in has changed parts of it already. My home campaign is set in Eberron, so there's all sorts of new races and stuff floating around. Living Greyhawk has 4-5 types of playable elves, and depending on which region you play in, certain classes or races are either discouraged or disproportionately common. So, changing the mix of classes and races is just more of the same to me.