I just traded my G2 in last night (best phone ever made in my opinion -- aka best phone I've every owned) for a G3. It closely resembles the G2 in most ways, but I found they took away most of the personality the G2 had (I miss the ring tones and notifications tones that weren't ported over from the G2 --"You've got mail" and the "Life is Good" song with dialogue).
My LED notification only blinks once every five seconds or so (can't find a way to change this setting) and I find the colors aren't as striking and bright as my G2 (I have the gunmetal black G3 and had the white G2, so maybe that makes a difference in how the LED colors "pop").
The built-in e-mail app and messaging app seem to have most of the options the G2 versions had (the messaging themes are the same I think). They seemed to have hidden the Q-Slide icon on the e-mail app (you have to go to settings to click it).
Battery life is killer like the G2 which is what I was looking for. It's not scientific, but I've been off of the charger for nine hours and I still have 75% battery after making some phone calls, texting, downloading apps, Twitter, and Facebook.
But, yeah. It is drastically cheaper than other flagship phones right now so I couldn't resist ($448 at T-Mobile).