Williams have deployed a very interesting approach to the droopnose design used by most F1 cars recently. Something none of the pictures I've seen so far show the full shapes of the "tusks", you could create vortices and do some very interesting airflow handling with these tusks.
Watch out for copycat designs from some other teams very soon!
Then again the hammerhead nose could of course be an elaborate spoof that doesn't actually function as well as a more conventional nose on the FW26. The intent being to send rival teams up a blind design alley in the coming weeks. Williams are a hard-nosed straight forward operation so this is a little unlikely but we'll find out for sure in Melbourne, in two months time.