It should be no surprise that the X5 really looks like a short-wheelbase X7. It has the same headlights, the same taillights and the same love-it-or-hate-it bucktooth grille. The overall design was previewed on concepts and the smaller BMW X3. It's an evolution of the same basic design BMW has been using for about a decade now.
The interior is almost an exact copy of the one we saw on the X7. It looks like a decent departure from what BMW has been building for a while, though we'll have to wait for the full reveal to see for sure. There's a new shifter design and a lot of the buttons have moved from the dash to the console, including the push-button start.
Look for a full reveal sometime later this year.