Good: faster page turns in Reading mode. Bad: slower page turns elsewhere.
Good: bolder text in Reading mode. Bad: darker background in Reading mode.
Good: sync of current page to B&N account. Bad: no longer remembers furthest page.
Good: shelves. Bad: shelves will disappear if you unregister to change email address or to clear a sync problem.
Good: Go To Page shows chapter numbers. Bad: Go To Chapter now only shows top level and doesn't show chapter name.
Good: can delete items from My Documents. Bad: still can't delete free samples from B&N Library.
Good: password protection on awaken and/or purchase.
Bad: wireless activity indicator ("chevrons") removed.
Good: automatic turn-off after 72 hours of sleeping.
Bad: Wi-Fi connection problems maybe even worse.
Good: automatic Check for New B&N Content only every 3 days if no subscriptions.
Bad: refuses to open certain sideloaded B&N e-books that it used to open.
The Brits have a term for this: curate's egg