I agree that it is ugly. Like a bad version of the older Mac Pros. Probably a design the got rejected originally by Steve Jobs when he was alive.
But a return to towers instead of trash cans is a nice thing. One thing I don't understand it why Apple likes to put buttons and ports on top. (G4 cube). People put things on top of their computers all the time.
Some day, Apple might return to the consumer mini-tower. They seem to think the mini will fill the niche of those who like separate monitors and not all-in-ones like the iMacs.
Make it thinner...thinner...thinner. Seemed to be the whole goal for the last 20 years. I'd rather see expandable, upgradeable, ability to add many screens (non-Apple or thunderbolt). Which is why I have a Hackitosh at work and at home. 3 screens at work, 2 at home. Could easily add another to either one. Easily add more HD space, easily add more RAM (and cheaply).