I think it is TOO retro up front! But the side and rear are cool.
Retro designs have a bad track record...
VW Beetle - cool in the beggining, ghey now (well, its always been ghey, but I mean saleswise they aren't as strong)
PT Cruiser - Everyone and their mom wanted one...now Chrysler is having trouble selling them. They need to come out with all of these "special edition" ones, with stickered on flames and crap.
05 Mustang - Has a STRONG retro look....we will see how they fare.
Personally, I think GM is waiting to see how the 05 Stang does. If it is really hot in the beggining, and then dies, you can count on not seeing a retro design. But if the 05 starts and STAYS strong, then we just may see a 1st gen style car.