Its just fine for a sideplate design. Once they finish it up, add color\jewels, it will look better. The faceplate is what people want to see and that wont happen until Vince says "go". I bet he will crack down on the situation now that part of it was leaked.
The design will be 50\50 as far as pleasing the crowd goes. It wont spin, but wont likely be a re-boot of a previous popular belt either. No matter what it looks like, someone will complain. I say give the final design a shot and dont pass judgement on a design that isnt complete. If it is an epic fail, then so be it. I cant really see it being any worse than the current title, but they have surprised us in the past as far as what gets the ok. The last 2 designs (divas\tag title) were bad, but this is going to be the 'main' belt representing the company so I bet they put a bit more thought into it.
With the WWE leaning toward a bit more of an edgy product and the addition of 'attitude' into the video game might be a clue to the direction they are going. It obviously had issues with being clunky\heavy so I bet that what Punk saw was an early mock-up. Belts are expensive to make and take time to get done correctly. I assume Vince has some creativity left and will take things into consideration that he might not have previously. This new design will likely be around for some time, so I bet he would want it to look decent enough to market for years to come.
All in all, It will piss half of us off, some wont care and some will like it. We dont call the shots. It will please the people that hate the 'spinner' design- but will piss off everyone who wants the old school belts back. You cant win them all, but at least its a change. T