At MIX10 in March, Microsoft unveiled Internet Explorer 9 to the public for the first time. During this event they outlined their plans to deliver a faster, more secure browser, that leveled the playing field between Internet Explorer and it's main competitors. They ended the show with the release of a "platform preview", which allowed you to sample the core features that would make up Internet Explorer 9 and compare them against the competition.
Today Microsoft reached another major milestone, with the public release of the first beta. Like other recent Microsoft beta products, Internet Explorer 9 looks and feels like a finished product. Let's start by checking out it's new look (click to enlarge).

Since installing Internet Explorer 9 (a few hours ago) I am already comfortable to call this the best Internet Explorer ever made. I have outlined five areas as to why I believe this is the case:
The User Interface - The first thing you will notice when you start using Internet Explorer 9 is the new minimal user interface. Microsoft have followed it's major competitors by reducing the amount of clutter and focusing on what matters, the content. This is certainly a nice change and makes for a very modern and clean feel. My only complaint is that it doesn't leave a lot of space when you have multiple tabs open (see the image below).

The Unified Address/Search Bar - Sometimes the most simple changes are the most important. When Google released Chrome with a single address/search bar I wondered why no one had thought of this before. Well finally Microsoft have decided to join the party. The Internet Explorer address bar now works in exactly the same way as Google Chrome, allowing you to type either a full URL or just a keyword, which will automatically find the page.
Disable Add-ons - People have been very critical of Internet Explorer in the past for it's slow start-up performance. This has always been a little unfair as it is often the third party add-ons (such as Flash and PDF Reader) that cause the slow performance. To help people better understand this issue Internet Explorer 9 shows you why it is running slow, as well as offering you the ability to disable any add-on that is causing a problem.

The Download Manager - Finally Microsoft have added a proper download manager. This is one area (along with bookmarks) where I feel the Google Chrome single window method doesn't work and it looks like Microsoft agree with me. The Internet Explorer 9 download manager looks (and works) just like Firefox download manager. Instead of displaying the content within the main browser window as a separate tab (like Chrome), you get a floating window that allows you to manage all of your downloads, both current and past.

Faster and more compliant - Ever since Internet Explorer 6, Microsoft have been trying to shake off the bad press that Internet Explorer is less compatible then other modern browsers. They definitely made progress in Internet Explorer 7 and 8, however only in 9 have they reached a level that matches their competitors. Internet Explorer 9 now achieves an Acid3 test result of 95/100 (see below), which is a significant jump from the 12/100 Internet Explorer 6 achieved.

Microsoft have also pushed the limits with Internet Explorer 9 by offering GPU acceleration. This feature adds hardware acceleration to everything on every Web page - text, images, backgrounds, borders, SVG content, HTML5 video and audio - using the Windows DirectX graphics APIs. As a result there is the potential for significant performance improvements, as well as the ability for more complex applications to be run directly from the browser. For details of this feature check out the Internet Explorer 9 blog article.
Overall it looks like Microsoft have managed to blend the best parts of all the major browsers (Firefox, Chrome and Safari) as well as including some interesting new features, such as GPU acceleration. This feels like a good start, as it shows Microsoft are happy to swallow their pride and borrow (steal) the key features (minimal UI, unified search bar, download manager) to ensure Internet Explorer matches it's competition feature for feature.
Regarding the beta itself, all advertised features are present and everything seems to be operational (including most add-ons). The installation does replace your existing version of Internet Explorer so make sure you are committed before installing. During my brief testing I have worked with the majority of major web sites, including Silverlight and flash content. I have also tested with SharePoint and Windows Credential Manager, all are working as expected.