I honestly don't see what's so bad about it. Like NB said, it's compact and organized, and so much more nifty to navigate around. Condensing the feed and the wall is actually a really good idea, and having tabs for the profile is an excellent idea as well. It definitely means less scrolling, which is a good thing. It also means that stuff can't get stuck down at the bottom of your page, unseeable and inconvenient to get to.
Plus, having application bookmarks at the bottom of the screen is a really nice feature.
I just can't wait for the "Welcome to the new Facebook" thing to disappear from the top of the page. It's kinda annoying to have to see.