I think it is and, well, isn't. I love the generously laid out (layouted?) minimalist white-on-black of the Gnome shell itself. Clean and uncluttered fits. But I don't much like the default GTK 2/3 theme (too angular, too silvery-grey) and the somewhat incoherent icon theme. Fortunately there're a few working alternatives to those, so in the end it's still the nicest-looking desktop I remember having. And I wasn't a big fan of Gnome 1/2.
(It'll use whatever colour scheme you pick (or create); not a fan of grey myself...)