It reminds me of my old Contax G2, the way the aperture ring is on the lens and both shutter speed and exposure compensation are on the top plate. This is a good thing.
But yes, the menu system leaves a lot to be desired. I also find the Menu/OK button too small and keep selecting the flash control or shooting mode control by mistake.
My appeal to Fuji would be to allow the Fn button to be set as a "Quick Menu" button a la LX3, giving instant access to ISO, WB, AF mode, metering mode etc etc.
But, like my old Contax (which I traded in against a D300) it's a camera that just invites you to take photos. Love it.