Seems like the chunk missing from the hosel might also allow for the center of gravity to be slightly farther away without all the manipulation to do so being in the blade. I don't think it is very pleasing to the eye, but by now its an iconic Ping feature.
Bigborgel I kind of thought the same thing. Definitely different for Ping. Maybe it's an attempt to reach customers that are normally outside the fanboys (I'm kind of becoming one after playing Raptures, which kind of have their own share of bling, last year). As for me, I don't think my next iron change will come until I think I need to transition from regular to senior flex, which I hope is still several years in the future.