I almost can't believe that the Digg that we all know is gone.
From what they have posted, the new Digg looks like a typical news aggregator and really lacks the innovation that made Digg popular to begin with. The overall design and feeling of "the new Digg" seem to target a very different userbase than I would have expected; Every image posted reaks of Apple fanaticism.
Overall, the design and colour scheme look like a mix of the new Google design and apple.com and frankly, I'm not a fan of either. A complete turn-around from the original Digg which embraced a diverse set of users with an original design and concept. Even the "Digg" button being a generic thumbs up icon makes the entire project seem dull.
Since they're calling it "v1", which I understand as 1.0, the whole idea of "rethinkdigg" seems rather deceitful since that would imply there are previous versions. It either is or isn't a new sit, a relaunch or not.
This is yet another online version of the New Coke. Though to be fair to Coca-Cola, the formula of their new brand was unique.
p.s.: Any real professional 'team' of 'developers' would have not released a product concocted, designed, developed and launched (with an original userbase of millions) in a matter of 6 weeks with a version number of 1 with no development phase designation. "The New Digg" should certainly have a pre-alpha designation.