It absolutely doesn't look like an all-new Fiesta, but with how good the MK7 looked in both iterations, I don't think they needed to do much to improve things. The nips and tucks on the front end make it look less like something entirely different was grafted onto the front, and I'd hope the back received a similar treatment.
I'm interested to see what they do with the interior and how they shake things up with the powertrains. A little more space for the driver would be great, as would making the 1.0T standard. Not that the old 1.6L isn't fun, but, the extra torque would be nice for most folks here in the States. Oh, and maybe a 6th gear finally? Bump that highway MPG up just a little bit more...