The car in general closely resembles it's predecessor, especially it's monocoque that almost looks the same. It's ceratinly a conservative car, but less so than the level of conservatism in the first two F1 Toyotas. Compared to those, I can see that the team is pushing slightly further.
Unlike last years car that closely resembled Ferrari's F2002, the TF104 looks almost like the TF103 revised to comply with the new aero rules. A few changes that stand out is that it follow's Williams' solution of aerodynamics under the body, for example, the turning vanes with a single suspension mount, horizontal planes in front of side pods and the diffuser. Weirdly though, the upper part of the car still smells Italian... As the season progress, I'm expecting the car to become mroe 'Renault'
One thing that really struck me aside from the car are the new Bridgestones.
Check out the camber angle of the front wheels! They're pretty extreme, possibly under -3 degrees. Last year's tires were also designed for pretty steep angles compared to Michelins, but if you remember those used on Ferraris, the contact patches were rounded. If you see those on the new Toyota, they are not; flat like the Michelins. IMO the camber is so extreme that the THE OUTER EDGE OF THE TIRE IS HIGHER THAN THE INNER EDGE. It's a very interesting interpretation of last year's 'illegal' Michelins because it provides maximum contact with the surface while retaining BS's usually steep camber (not possible with normal tires with flat contact patches accompanied with high pressure). Theoretically, this could make the car less stable at higher speeds, and the difference between tire wear around the contact patch will be magnified compared to last years BS and Michelins, but it should yield better handling as well. A good combination for Montecarlo, but whether it would suit elsewhere, we should see...
BTW the new regs concerning more sponsor exposure is making the new cars look fat. The airbox looks like they're atleast 3 years old...