I quite like it. It's not in-your-face innovative or exciting as such, but sleek and elegant. The profile looks a bit odd due to the highish boot and the low grille (and IMO to a lesser extent the bulging bonnet that people have been making remarks about). I like it as an improvement and logical step in extending the Volvo design language.
As for the interior, I'm not sure about the hump-hooded instruments, but the rest is quite nice. Sure, the floating panel for controls isn't such an amazing technical marvel, and you can't store a whole lot there anyhow (was looking at V50 the other day, apparently you can buy an optional accessory plastic cubby with rubber liner to store small objects there). But IMO it does wonders for the 'feel' of the cabin - it makes it an airier, more welcoming place. It's like the difference between a light coloured headlining and dark coloured one - big difference.