At Google I/O 2014, we had one major UI overhaul for a not so fancy looking Android KitKat that we know off. With the introduction of Android L 5.0 we had material design that changed the way UI elements interact and animate.
Right off we can see that images now dominate the listings, be it apps or media. Instead of small thumbnails, we have large dramatic icons that results in a screen that looks very clean, organised and clutter free. Yes there will always be frustration because now everything is spread out more. There looks to be more amount of scrolling involved in browsing an app or movie. Also, this is extremely painful on lower resolution devices.
This may very well be a version under testing that may or may not see the light of day. Are you excited about the new look or would you rather stick to the current one?