The new app has multiple account support (about time!), autocomplete predictions, and improved Google+ integration. We'll have impressions in just a bit, but those, in addition to some the new look, animations, and basically the whole new app make it seem like a great start. Hopefully it turns out as great as the Android version, which wouldn't be a huge surprise, since Google now owns Sparrow, the last great third party email client for iOS.
Update: We've added a hands on video to give you a taste of the app in action. Short version: it's pretty great! A major improvement over the clunkiness of the previous iteration, with smooth animations and notifications that make sense. [Google]
video by Michael Hession
music by Upright TRex