First, I agree that it's super ugly. Second, I think the price will play a part in whether or not this will be a worthy clone. The aesthetics alone say, "I was cheaper to produce than a P99." I'd like to see the price before I say any more.
My Walther P99 .40 A/S was a very reliable and accurate gun. Only I made the mistake of buying it in .40s&w rather than 9mm. I like the .40s&w, especially with my USPc, but the P99 and .40 do not mix. Had it been a 9mm, I might still have it.
Also, the Jericho was already a knock-off design and the DE is more of a novelty gun anyway, so what does this addition to the MR family really hurt? It only expands their product line and gives them more of a chance to make money, so it was a smart move on their part IMO. I think I'd be more offended if I was a Walther P99 owner, as that would make TWO rip-offs of pretty decent and original handgun design.
*edit* Forgot to mention that I'm curious if this will eventually be offered with the Anti-Stress (AS) trigger configuration. One thing that was great about my P99 was the AS trigger. VERY nice trigger pull. The actual shape of the trigger along with the .40 recoil didn't exactly make for comfortable shooting, but the trigger pull characteristics (i.e., super nice and crisp SA trigger and a tolerable DA trigger pull) were definitely appreciated.