I feel like they're going for what they had when they owned Motorola. Basically stock Android with Google Apps and a few extras (like enhanced camera apps and the like.)
As long as they don't do things like bundle "special offers" as non-removable systems apps and continue with the Nexus update policy, I don't really see it as a problem. (New versions for at least 18 months, security updates for at least 36 months.)
Hopefully, this time, they won't sell it all to Lenovo.