I started listening to NIN during "The Fragile" era- I'm a latecomer. I really liked that album. The more I heard the older stuff, though, the more I started to appreciate that- and that drove me into darker, industrial music as a whole, where my tastes lay for the most part at the present. The new single sounds like PHM, I agree. I really like it though. A radical departure from The Fragile, but I can't stop listening to it. The only problem I have with it is that the lyrics just don't do it for me. Usually, NIN gives me something I can chew on for a long time, this song has a typical chorus/refrain structure and the lyrics.. don't really tell a story.. Yeah, PHM'ish. Good in a different way, not something to sit and analyze.. but to chant at a concert!!
By the way, all I've heard of the rest (with exceptions of Getting Smaller and TLBTB) are the 30 second clips, and some of those songs sound GREAT. I don't want to ruin this album for myself but I just can't help it..