I've heard a couple of the tracks off it. It's certainly better than the atrocious crap that was St. Anger, but it wouldn't really set the house on fire all the same...
IMO, Metallica haven't really been the same since the Black Album.
My two personal Metallica favourites have always been The Unforgiven and One. Interestingly enough the latter was one of the main reasons I took up the guitar 5 years ago.