Every inner product on $\mathbb{R}^n$ can be written as $\langle x, y \rangle = x^t A y$, where $A$ is a (symmetric) positive definite matrix. These matrices can be orthogonally diagonalized, i.e. there is an orthogonal matrix $M$ so that $A = M^t \operatorname{diag}(\lambda_1, \ldots, \lambda_n) M$. This means in particular $\langle x, y \rangle = (Mx)^t \operatorname{diag}(\lambda_1, \ldots, \lambda_n) (Mx)$.
Now note that the open balls with respect to the inner product $\langle x, y \rangle = x^t \operatorname{diag}(\lambda_1, \ldots, \lambda_n) y$ are ellipsoids and the map $x \mapsto Mx$ is essentially the composition of reflections and rotations [of course this can only be visualized for $n \le 3$]. So the open balls of an arbitrary inner product in $\mathbb{R}^n$ are rotated and reflected ellipsoids.
\langle x,y\rangle
is used more often. – Akiva Weinberger Sep 16 '15 at 13:12