First, let me just say I love the clean design, and the printer friendliness of the new character sheet. I thank you, my printer thanks you, my toner budget thanks you. This sheet is much easier on the eyes than the old brown ones.
But it could be better.
1) As others have pointed out, I would really, really like enough room to write out my MAP figures on the sheet. It would save time during play to have those numbers right there in front of me.
2) A dedicated sheet for animal companions seems like an oversight. Even if it's just a statblock format, it would be something.
3) Either make the boxes for Traits and Notes on weapons larger, or move the words traits and notes out of it. You lose a quarter of the box from the label and (granted this an extreme example) my gnome inventor flickmace cannot fit Gnome, Reach, Sweep, Uncommon, Magical, Grapple, Trip, Hampering, Versatile P in that box even if I abbreviate most of them.
4) There's no spot for the range of ranged weapons, so you have to put that in the traits box, which is (see above) already hurting for space.
5) Alchemists really will need their own page when they come out in Player Core II. And I'd honestly like a second (fifth) page dedicated to just spells - that way I could add notes about the spells, like range and damage, instead of having to keep the book on the table so I can reference the ones I don't use a lot.
Again, this sheet is MUCH better. I'm sure there will be people that don't like it, but you've got a fan here.