I like it... mostly. Proportions wise I do like this car. The overall shape is right but what Acura seems to suck at is getting the details done right. This is missing something... or a bunch of things that turns the overall shape into a really nice looking package. The headlights, the grille, and something on the back is definitely just not quite right. From the side view I think it's quite nice.
Also the engine stuff is rather ho-hum. But Honda was planning to come out with a new generation of engines so maybe in a couple of years it will be more impressive there.
As for why it exists. Not clear yet but I suspect something might happen to the Honda Accord sold in Europe and Acura decided to go with a Civic based platform to replace the TSX. Make it a bit more of an entry level vehicle and go from there. The next TL I think would have to shrink a bit to fill the middle and the high end Legend/whatever it's called stays where it is and maybe grows a tad.