Looks like a solidly built 3 rack unit with a very nice UI. Seems like it needed the extra space for all the ins and outs as much as the vastly improved color display. If they tried to cram all the jacks into a 2 space, things would be uncomfortably tight back there.
I'm quite sure the larger screen will prove rather useful too, of course I have 2 empty 3 space SKB racks just waiting for the right piece of gear so...
Some of you really are upset by the looks of the III?!? I think Marshall had some pretty rack units back in the day, didn't stop me from selling my old JMP-1, as the tone wasn't that special (to me) and the one in the AFX II pretty much nailed whatever I was doing with it.
When it comes to guitar (or bass), I like them to be aesthetically pleasing, rack gear is about function and tone. I have no doubt the IIIs tones will be stellar and I think the UI will make for quicker workflow in practice, so it's a winner in my book.