It wouldnt look so bad if they didnt use the fisher-price kiddie toy plastic on it. If it was the Slim's design with the piano black chrome lettering of the original, it would look great. To me it just looks like they went nuts with the cost cutting measures.
p.s they mention power savings vs the original PS3, but not the updated models. Since the updated PS3 fat models use the same manufacturing processes as the PS3 slim, the power consumption difference is actually negligible.