While the arrangements and scrolling reminds us very much about the default picture gallery with its 3D effects, this is a good thing, since it makes the Android interface more uniform, not a nice looking picture gallery, and a "meh" music player. Transparency and transitional animations now come standard, and alphabet letters appear on the screen while scrolling, so you know where you are at. The active song is visualized with a nice equalizer animation now as well. The new music player still has some catch up to do, compared to the WP7 or iOS music players, but is a step in the right direction.
Given Google's new paradigm to release an update to its apps and services as soon as it's ready (Android Market, Google Maps 5.0, etc.), instead of letting them out only with the next edition of Android, we wouldn't be surprised to see this colorful music player as a separate update before the release of Honeycomb devices. You can download the test .apk right now from the link in the source, if you are curious to try it out.
source: XDA-Devs via Mashable