It is total shite, of course. Looking at the feedback thread, it seems like half the stuff people use on a regular basis does not work, and they have removed the ability for people to easily get back to the old screen they are used to. A quick scan of the support forums shows that some people are Not Happy, Jan.
If you are like me and you DO.NOT.WANT, and you are stuck on wordpress.com, you might want to check out this thread.
Newsflash – people do not enjoy change! The rest of the world knows this, but apparently when you work for WordPress, that one simple fact is removed from your brain. :(