What's good/bad about the cover?
I'm firmly in the camp of those who prefer fantasy artwork on the cover of these books, rather than the current style (ranked the 3.5E PHB cover "Below Average"). Actually, I think having good covers was the one area TSR really excelled at during the 2E era (although, come to think of it, I didn't like Easley's cover for the original 2E PHB all that much either... maybe I don't like the color brown?).
Anyway, there are minor details that I think improve the 3.5E cover over its predecessor, but also some that make it worse. The biggest improvement (to me) is that all the gemstones are now a uniform red color, making it less gaudy-looking. And the biggest dis-improvement would be the big, bulgy dome things. I think without those, I'd easily bump my opinion up to the "Average" rating.