Outlook: just a re-skinned Hotmail?

When TheVerge posted the article on Outlook, which is supposedly the replacement of Hotmail, I got excited and checked it out immediately. But soon I realized that it's no more than just the old Hotmail with a fresh new Metro skin.

Comparison_medium

via assets.

I do like the overall appearance, but it still doesn't feel new overall. While there is now threaded messages, the overall layout is still roughly the same.

What do you think about it? Do you feel significantly happier with the new look or do you feel that things havent't changed that much?