I rather like the new look. My guess is that this is a pretty smart move on Sony's part making minor functional and cosmetic improvements. It gives me hope that they're in this for awhile and didn't just produce the PRS-500 as an experiment.
And I *like* carrying around 218 documents on my reader (I still have room for plenty more and the number will certainly grow). It's useful for letting me refer to multiple reference documents both professionally and otherwise. It also appeals to my inner ADD-ness when I'm just fooling around. I love having more options available than I could sensiibly deal with at any one time. Sometimes I'm feeling "Wind in the Willlows" and other times "Dubliners". Maybe not a good way to read literature, but it's my way sometimes. And then there are the dozens of news articles I can't read online so I download them to my reader to peruse later. I almost wish I had bought a 4 Gb card instead of the 2 Gb.