I think the original Material 3 was more sensible. Coming from ios-land, its color palette formula was a nice break from the glassy apple standard. It looks like this new version goes overboard on the boldness and especially on the typography. Looks like it uses the same palette generator but is encouraging use of the more vibrant colors in it? Seems to draw inspiration from magazine design (content is ads or interspersed between ads, appropriately enough for an ad company). Indeed, the brief is written like a pitch to "brands" (not UX designers for useful apps). The reference to "dialing up the feeling" makes me think of the extremely uncomfortable feeling I get when watching TV or film ads for the first time in awhile -- that it's a manipulative assault on my lizard brain.
In my opinion, the main promise of M3 wasn't apps triggering "more feeling" in users, but in users' ability to personalize their color theme to their taste to make themselves feel more comfortable and at home. Instead of this iteration, the best direction for google would have been to push apps to implement dynamic color (themeability) as a matter of best practice, increasing user sovereignty over their experience.
The example touting the huge send button with the tiny email composition space is baffling. This is peak "call to actionism".
Dot cursor that doesn't let you select text properly and link highlights that aren't visible against the page background are not a great look.
Side note, surprised to see some commenters wishing for the return of Material 1. I simply couldn't get over the aspect that each google app chose an arbitrary garish primary color, and you were stuck with that as the user chrome for that app. I still cringe when I see docs formatted with (for instance) random bright purple chrome using a M1 theme.