It is nothing like the first incarnation of the game, and I couldn't be happier about that. But they didn't just play it safe and give longtime FFXI fans more of the same either. My biggest obstacle from enjoying either of Square-Enix's MMOs were their clunky interfaces and insistence on being different for the sake of being different. I've been playing closed beta of ARR for a couple months now, and it seems to strike the right balance between unique and a "tried and true" MMO experience. But most importantly, it's just fun to play. I'm also pleased by the maturity of the community so far, mostly guided by the FFXIV subreddit.
I'm really surprised at how much of a good faith effort they're putting into winning fans over after the disaster that was the original FFXIV. I've been reading the blogs and interviews with the producer Naoki Yoshida, and he's exactly the breath of fresh air Square has needed. The guy seems very down to earth, but most importantly, an MMO player himself. I think the game's in good hands - I preordered a few weeks ago.