The remote is beautiful in every respect except usage. Pressing buttons is hard because of the lack of tactile differentiation. The directional buttons are completely flat and they are easy to miss. For example, when trying to press the up button, you might find yourself hitting the aluminum casing instead.
That's unacceptable. There is no reason Apple can't make a remote that's tactile enough to easily differentiate among keys and easily press without looking. Actually they did, the old white Apple remote works perfectly in this regard.
Pros:
* Aluminum enclosure is beautiful.
* Very thin which is practical if you carry it with your laptop for presentations etc.
* Dedicated Play button is a plus.
Cons
* Buttons are flat and lack tactile differentiation.
* May require looking at the remote to see where you are pressing (which is a distraction if you use it for presentations).
* IR range is good but not as good as old white Apple remote.
I really wanted to like this remote and replace my older apple remotes, but the lack of tactile differentiation has forced me to switch back.
UPDATE (11-4-10):
There is a new aluminum remote that comes with the Apple TV 2 which features a minor redesign. The directional buttons now have some tactile differentiation, they are no longer flat which is a significant benefit over the old design. I would recommend it to anyone looking at this remote.