I liked the look of the interface, just as I like the interface of Pages and I can see the market that Apple are aiming for with these products – the home computer user who wishes to make their creative output appear more professional.
My other first thought was "I bet the code output is awful", apparently I was in the minority there.
OK, I admit I wasn’t expecting it to be quite as bad and it could be made slightly cleaner and at least should be attempting to use the correct markup for things like paragraphs.
But when you get to separating style from content I don’t think you’re going to get any better results at the moment. As a web developer I know the many decisions I make as to how the page is coded and whether a element should have a class name or an id when coding my XHTML. That’s before I’ve even started thinking about how the CSS rules are going to be applied as once you get cascading involved the number of educated decisions I make rocket.
If you are expecting someone to come along offering the kind of results a good web professional will produce, both visually and at the code level, via a WYSIWYG I think you’ll always be disappointed.
Do you really under-value your hard earned skills that much anyway?