One of the really cool things about this is the readily available links to descriptions of the core applications. Easily the best-designed distro website I've ever seen.
To be fair, the portion of open source software which actually have that kind of guidelines instead of being just a shot from the individual developer's mind is very small.
The bad news: branding collisions galore:
The 'e' looks way too much like enlightenment's 'e', and enlightenment already has a project called elementary -- http://trac.enlightenment.org/e/wiki/Elementary
The design of the whole bloody thing looks exactly like OS X. The topbar, the notification icons, the dock, the Midori icon (which is weird -- Midori already has a standard claw icon that looks cooler than the compass http://en.wikipedia.org/wiki/Midori_%28web_browser%29). Hell, they even have a set of "human interface guidelines"! http://www.elementaryos.org/docs/human-interface-guidelines