It clearly imitates Firefox in most of the aspects. And feels good. The UI is uncluttered and most of the Bars are missing. Even the Classic Menu Bar is customizable for appearance. The Zoom feature (including Picture Zoom) is now available on IE 7 Beta. I wanted this on Firefox (Firefox only does Text Zoom).
The Search Bar is placed next to the Address Bar, very much like Firefox and Opera, and a neat customization of that Bar is available. You are free to choose your Search plugins. I never saw IE offer so much. Ever. Microsoft's got the ideas from the right guys this time.
You can take a Tour of the new Internet Explorer 7 Beta Here.
Or you can download it directly from here.
WARNING : It may not install on your current Service pack version. Please check the pre-requisities before installing or downloading.. (11 MB Download).