Well its not really an improvement comparing to the 2011 cars, its just that the maximum nose height has been lowered. So the dent is just to pass regulations, while preserving some of the 2011 'aerodynamic'.
Following the ugly-Ferrari thingy, the most famous Spanish sports newspaper has made a compilation of the ugliest and weirdest-looking F1s of all time. It's in Spanish but there won't be much problem since the main target is: watch how effin' ugly they are!!
heres a link with all the new cars so far, it seems the McLaren is the only one without the step on the noise; have they missed a trick or do they know something the other teams don't? http://www.bbc.co.uk/sport/0/formula1/16872627
Interesting to see how it pans out. McLaren would have an immediate upper hand if the smooth nose provides better speed. They would've of course tested the nose thoroughly and must be satisfied with it if they haven't considered the step nose. Here's the RB8 (missing from that gallery)
Red Bull have built an air duct into their nose, channeling air into the body as oppose to over it. Interesting idea.