The new alpha release comes packed with a whole bunch of interface improvements, but underneath it all, it's still Windows Mobile 6.x. In other words, this is widely regarded as a stop-gap release between Windows Mobile 6.1 and Windows Mobile 7, which will arrive later. Still, there are some interesting interface additions in there, so without further ado, here's a video of Windows Mobile 6.5. Credit to Engadget.
As you can see, some of the animations are a bit choppy, but it's stil alpha after all. IE mobile seems to be improved as well, but let's face it, it's not as if it could get any worse. Menus are apparently problematic since they don't support swipe; you need to tap arrows to navigate them. In any case, Microsoft still has some work to do here for 6.5; release is scheduled for the second half of 2009, so they have some time left to work on it.
By the way, what's up with the word "mobile"? I missed the memo which stated it's pronounced like "mogul" now. Weird.