... I certainly believe so, if I didn't see it posted on John Nack's blog I honestly wouldn't have believed this was for real. I won't profess to be the worlds greatest designer but the whole look and feel doesn't work for me at all. Particularly the two-letter icons just look horrible. Not sure if its the typography, the uppercase/lowercase combination or something else.
Letters don't get across the same message you want to convey as an icon can do, not to mention that they can have different connotations in different languages.
Square shapes work in certain situations but for Creative Suite products this does seem like a strange option. It doesn't really come across very well, I'd associate squares with words static, reliable, unmovable; not creative, flexible, open you might think of for products like Photoshop, Illustrator, etc.
The only differentiating factor in products ranging from a LiveCycle document policy server to something like Audition audio editing software is the letter combination and the background gradient color for the square. Sure it might make it recognizable as all being part of the Adobe brand but does it give the user any indication of what the product is about?
That said, there do seem to be a few icons that don't go by the letter combination, things like the extension manager and what I can only assume is Flash Lite (naming conflict with the Flash product letters?). There is something to be said about consistency, even consistency of something horrible is better than none at all. By breaking the rules for certain of these icons it takes away even more from the whole approach.
Then there's the "don't make me think" directive - it almost felt like doing a mind game figuring out what the letter combinations stand for: Fl for Flash, or is it Flex or FlashLite? Oh no, Flex is Fx and FlashLite has an icon. Makes perfect sense? Not to me.
What happens in the next release of Creative Suite with these icons? I for one would prefer to see a reference to CS3 in the icons and go with a regular glyph approach.
To summarize I think there are some fundamental flaws in these proposed icons and hope Adobe takes this to heart and thoroughly reviews them. I'm sure you can do better.