I frequent several D&D boards and when this was first announced a while back it raised quite a bit of hub-bub. The wizards's site lists the general changes they're going to make: adjusting the classes to make them a little more balanced, balancing spells, reorganizing the DMG and MM, adding some new feats, skills, and PrCs. Also, I'm sure we'll see the clearer descriptions of things like AoO from d20 Modern.
In all actuality, it's not a bad idea. Right now a lot of people's books are starting to see some wear and tear and it sounds like a lot of people will pick it up just for that. I'm going to have to look it over before I jump in b/c I'm still pleased as pudding with my original versions and really don't feel like investing in D&D 3.1.
I just wish they'd use entirely new art with this, but they won't. I hate the 3E fantasy-punk artwork with a passion. Give me 1E or even Hackmaster artwork any day! Those pictures made me want to adventure, not get something pierced.
By all accounts (on the internet anyway) there are a lot more people who are excited about this than those who see it for a money making scheme.
Of course it is a money making scheme, but we'll have to wait to see if it's a worthwhile one.