I think it looks messy, it obscures nearly half the album cover along with the buttons, I just think it makes the now playing screen look far too cluttered. On a side note, Im also not a fan on showing album name before artist, especially without the marquee (scrolling text) effect for long fields as the artist tag gets wiped out on compilations with really long-winded names. This is the opposite of practical.
Buttons I can deal with over the album art if they're transparent/hidden until tapped like the Poweramp 2.x layout.
As an extra note, while we're on the subject of keeping album art in full view, i am not a fan of cutting the corners off the artwork to round it off (at least on the now playing screen). It looks ok elsewhere but I think that should be down the user's preference.