The design simply does not suit to Windows Phone. The icons must loose more dimension and become flat.
Next thing is the search engine, why Bing isn't in the list and why can't we add it or other search engines? The browser still can't asosiate file types with apps on the phone. The loading progress bar is always at the same spot when loading a page, it never makes any visible progress
so yeah its still an ugly browser, but improvements are on the way i guess?