Honda Racing F1 finally took the wraps off it's '07 challenger yesterday and I've gotta say, I'm pleasantly surprised.
I wasn't sure what to expect but my first impression, based solely on appearances, is that they seem to have made a significant step in the right direction.

The all black testing livery makes the differences harder to spot but upon closer inspection the car is just beautiful. Only the front wing, which either is one of those used on the Ra106 or a very close relative, keeps the Ra107 from being by far the best looking '07 F1 car IMO(yet to be launched).

Most noteable (or noticeable) changes are the rear end which is much tighter and cleaner in layout, the exhaust which is towards the outskirts of the sidepods and closer to the radiator inlets, the nose which is more narrow, relocation of the tie rods to in front of the upper wishbones, a smoother/cleaner look to the twin or zero keel(hard to tell in black), and the larger sidepod fins which blend seamlessly into the bottom of the sidepods.

Here's hoping the Ra107 is as fast as it looks so it can propel Jenson and Rubens to many wins in 2007!

Edit: Higher quality pics added.
All photos courtesy of www.hondaracingf1.com