It's not terrible, per se. But it's definitely not the hottest thing.
The new "status" feature seems silly and superfluous, since we have journals, which almost work the same way. I guess if you just want to post a quick thing or mess with people, then statuses are ideal for that.
Now this new "Watch Feed," this I could do without. I was afraid for a moment that they did away with the old deviantWatch messages. I was relieved to find out that they didn't. As long as I can still easily access my messages, I'm cool.
But yeah, just throwing my two cents out there.