Here's how the reload button looks in the new (final) Safari 4. It no longer appears as a proper button, and is instead just a reload icon embedded inside the address field. The look of this icon and its placement is borrowed directly from Mobile Safari on the iPhone.

When you click the reload button, it is replaced with an integrated 'Loading' indicator that also contains a stop button. It's a nice touch. Even nicer, the loading indicator fades to a lighter gray (not shown) once the page has mostly loaded and is ready for you to interact with it.

Still, the reload button feels like a small target. I miss having a nice big reload button. Here's how I think Apple should treat the reload button, borrowing from the Add Bookmark button on the left side of the address field.

Ah, now that's a reload button. Cmon, Apple, what say ye?