Not a fan. Why? Usability mostly.
For example: In the old format i wanted to go to albums and sort by number of pictures in an album. This was two clicks (one to go to Albums, one to sort). Now this is 5 clicks (one to go to Media, one to open filters, one to open sort by menu, one to select from sort by menu, one to apply filter). The new look site is demonstratably less user friendly. Want to view my own profile, used to be one click, now it's two. Want to see all my messages, was one click, now it's two. It's all less user friendly, i'm now more clicks away from basic functions.
Looks modern sure, although all the non-avatar profiles now look stupid as f*ck, and a lot of old avatars (including mine) just don't fit circles. Trophys? Why is this needed, what benefit does it add? Do likes add to the experience? Followers instead of friends?
Honestly overall i don't like the change. I help run a community forum site and we've had several dicsussions about updates and changes. #1 in the discussion, Does this make the user experience better? #2 Is it now an easier site to use? #3 Do our members really want these changes?.
#1, the new format isn't making my experience better until i make several profile changes and adjustments and overall posting and interacting havn't improved.
#2, the site is not easier to use, i am more clicks away from basic functions that before.
#3, i've not done the survey to find out but for me this wasn't the way to improve the site.
We're running the same layout and software we had in 2010! We've kept it up to date security wise and made minor changes here and there with new features out members wanted, and just fiddled a few things to make the site easier to use. Always small upgrades two or three times a year, always based on wide ranging community feedback.