I don't like anything I've seen of 4th Edition. I've been playing D&D since the Blue cover days, and this just doesn't feel like D&D anymore. D&D has always been quirky and somewhat weird as a rules system, but that's always how it's been. With the new rules I've read it's more like an entirely different gaming system with words like Orc and Elf thrown in. If I wanted Utter manipulation of character creation I'd play HERO game, which is wayyyy more flexible. I always liked D&D for the quirks, and some pretty good rules. It can't do everything, but hey, it's fun to play.
4E looks like it's trying to do everything while moving away from D&D. I don't like it. I don't like the classes in the least. I don't like the players handbook being split up, that's just dumb as hell and Mo' Money baby! 4E seems to simply be a Mo' Money enterprise.
"Let's change everything so they'll have to buy every book, every campaign, and every module again! Huzzah!!!! We wont leave enough old material for them to have anything to go on, it's all new! We're making D&D new again! Weeeeee!"
I think that this 4e will do poorly, and they'll drive off a lot of old customers, while not making nearly enough new ones.