I actually kind of like the dropped-stay Tarmac look, and BMC's similar stuff- they're like the bike equivalent of a tiny-but-rapid sports car, or a hot hatch. It's stuff like the Madone with the eeeenormously obnoxious "TREK" decal on the wide aerotubes extending to the side of the headtube which is my current bete noir.
That, and the Dogma, which I think is one of the most ugly racing bikes I've ever seen.