XFX is using some nice looking aluminium wrapped around a black birdcage styled case. There is plenty of space for ventilation and you will even have a glimpse to see some LEDs inside the case. The design might change as it is still in the early stage and the company might consider using some sound insulation in the future.
The back side has many openings, including four possible rubber flapped holes for water-cooling, and it should be able to cope with multiple graphics cards and a bottom placed PSU. The thing will come in a few months so there might be some changes in the production version.
From what we can tell, it looks like a high quality product, with a nice finish. It is well designed, but people will want to see the thermal specs when it comes out. It could be a very nice choice for high end rigs.