Netscape Browser = Firefox + IE + WTF?

Meet Netscape Browser…

Now that you’ve been scared by the initial look… I’ll give you a minute to recover and visit the bathroom if needed………
Supposedly this is based on Firefox 0.9.3, which IMO was the worst Firefox milestone, pre-release or not. Though you can’t tell that Firefox is burried in there, behind the UI clutter. Absolutely everything has a option. Including closing a tab. (The tab bar context menu is 13 options.) What’s worse, you can select an “Display Like Internet Explorer” mode, which embeds IE in the browser. In place of Gecko. So you get the standards non-compliance *plus* all the security issues you might’ve been wanting to get away from.
BetaNews has more information about the Netscape Browser Prototype.
Henrik Gemal has posted some more screenshots of the horror on his blog.
Update: MozillaZine has an in-depth review of the new prototype.