Haven't done the macOS update on my main laptop, but I have done the iOS/iPadOS updates on a couple devices, and... I kinda like it?
Sure, if I wanted I could probably screenshot an awkward frame of two things that don't go well on top of each other with the translucency. But in practice I'm not noticing it, and the default level of translucency is fine for me.
And at least in the first-party apps (not enough third-party apps are updated for it yet), it feels like thought has gone into how to use this to establish visual separation between different parts of the UI and be an actual functional part of the interface rather than just something pretty to look at.