Was not expecting to like it at all.
Now that I've heard a song, my mind is changed. The music is unmistakably Trent. Most of the textures are straight out of his expanded catalog of musical noise, but the musical sensibilities bear an uncanny resemblance to the simple-yet-haunting piano melodies that show up in any number of NIN songs (off the top of my head, Right Where It Belongs, The Frail, and the bridge from With Teeth).
Additionally, it turns out Mariqueen Maandig (the new Mrs. Reznor) has one hell of a voice, and her introspective musings are an elegant match for the ambient soundscapes, much more so than Reznor's own anthemic wailings. Reznor's vocals are testosterone laden, angsty, and often poignant and intimate, but they're rarely introspective, and never elegant.
Anyway, if you're curious, check out some new music from How To Destroy Angels. Additionally, check their website and Twitter feed for updates. The new song, titled A Drowning, is long (7 minutes) and fairly down-tempo, but the clips on their site hint that the material they're working on is going to be a bit harder-rocking and challenging than this bit of introductory fare.
And while I certainly miss NIN, this is on pace to turn out to be a suitable replacement.