NewShell is basically nothing more than the Windows NT 4.0 Explorer shell that was released for NT 3.51. Version 2 added in some bug fixes.

The splash screen is altered as if the system is running on NT 4.

The login screen is the same as it was originally, except there is now a greyed-out close button.

And this is the desktop.
All the benefits of the NT 4 Explorer (better windowing controls, taskbar/start menu, icons on the desktop, etc) all added on top of NT 3.51, without you having to reinstall your entire OS.

Would be great if NewShell weren't considered beta software and thus comes alot of potential instability.

The window borders look off, as does the icon arrangement, and the names for folders is not the same (Removable Disk as opposed to 31/2 inch Floppy Drive, Pc disk as opposed to Hard Disk), but otherwise it's pretty good.
Even the about window has changed to pass itself off as NT 4!