It looks way better than the large empty chin that still remains on soft-key phones like the Nexus Galaxy and Nexus 4 IMO. It is somewhat easier to reach but I still prefer having the full area of the display available in all situations.
Galaxy Nexus has the best looking front of any phone ever released, IMHO. It's all one smooth, branding free glass front.
It isn't "somewhat easier" to reach, it's a
lot easier to reach soft key nav buttons. Try holding a GS3 like a phone and then reach for the menu or back key, compared to the same on a Nexus or the New Razr. For one handed use (aka on the go) it makes a big difference.
Anything that would actually need the full display does a nice job of hiding the soft keys in my experience, though I do recall an app or two that didn't but that's on the devs.