The Yacht-Master II isn´t the prettiest Rolex out today indeed, but it´s not that fugly also.
It´s not my cup of tea, but I liked the presentation and IMO it follows the YM line. (I´m not a big fan of the Yacht-Master too, I only like it in yellow gold with white dial - just like the Yacht-Master II, only looks acceptable in yellow gold to me.)
...oh! The Rolesium Yacht-Master is ok too.
But I must agree that the Milgauss didn´t grow up on me. I had the opportunity to have it on my hands, take a look at it, and it didn´t pleased me with that seconds hand too.
For me, Rolex will always be a classy and elegant brand - so are its wristwatches, but this "modernization" of them, wasn´t well seen by my eyes yet.
(Not to mention the special dials for the Datejust... Carnival much? :? )