It's way cute I think. Hopefully it'll come in more cheery colors (like sunflower yellow). The car outline you see bookending the Toyota iQ is the Toyota Yaris, just to give you an idea of it's size. According to the article linked above, the iQ is about 10' long and can accommodate up to 4 people. It's also being compared to the MiniCooper.
I think it's suppose to be a hybrid (?), but who knows.