Looks pretty good. But missing out on the refractive aspect of glass takes away the strong visual separation of layers that IMO is Liquid Glass's biggest contribution. Material has these wonderful designer resources showing how the app ought to be built of consistent moving layers, shown in 3D from the side. It's clear that there's these layers. But once you go 2d, put it all together, its incredibly hard for me to f…
I think this is a clever moat Apple created with Liquid Glass: they picked an effect that is easy to make a worse version of, but very hard to do the real/right way (and humans have an intuition for real/right because they see real glass every day). So any copycats will look worse in a way that's pretty obvious and Apple gets to keep the "premium-looking" product.
Of course, as soon as we figure out how to get it done, Apple will move on to the next thing. I'm okay with that though. It was a bold move, and I can't imagine how much time and money Apple spent making Liquid Glass look that good.