This is pretty much what I expected being familiar with this guy's art before hand. I like the hazy quality of it. To be honest, I actually like the blueish tint that the back has over the picture more.
As far as the 4.99 on the cover, bluntly, it doesn't matter. Most of the people who go into a store to buy a book go in being price sensitive. Especially with this supposed downturn in the economy. Understand, in this case the 4.99 supersedes the cover art. The whole purpose of selling this paperback with little to no profit (some even sold for a loss) is to entice the buyer into immediately purchasing the expensive, high-profit hardback of Mistborn 3 . Or, the purpose is to use this book as the gateway drug into Brandon's other books and to Tor's other authors. The price is temporary, and will probably be removed from the paperback after MB3 has been out for a bit, at which point the awesome cover art will work on its own.
Im actually very excited to see MB2's paperback cover. It could be even more awesome than this one.
As far as the knives go - meh. The 30 of us on the forums who know the difference can shrug and say 'oh well.' The other 30,000+ who read it will have no clue.
I'm really happy with this cover. It's light-years beyond the previous version.
Imagine the displays at the front of Borders where you have this new cover with an eye-catching price, Elantris, MB2's paperback...thats good stuff...and maybe an ad on it that says, "and, oh yeah, this guy is finishing the WoT series." The sum will be much larger than the parts.