I think you hit on the things that struck me too.

Actually analysing it there is now less info above the fold but it feels like a hell of a lot more.

Whats with the icons on the right column? That's basic readability rules broken there (people dont "read" icons so they are a bit worthless as an exlanation of the content).

Im not totally sure I'd agree it's functional

Also just noticed the "Connect with friends" section got bumped to the bottom of the right column. Who scrolls that far? Surely that is one of the biggest ways for them to get new users (via invites) and they have basically rendered it ineffective :P