Frankly, it's terrible. Harder to read, and now I can't see at a glance which mods I've downloaded or if an update is available.
Seriously, why remove the Downloaded or Update Available tags? Now I can only see those if I click on the mod.
On the technical side, this change sounds necessary but for the user, it's a serious downgrade. How about just taking the old look and using something similar but with the new technical underpinnings? Don't reinvent the wheel or take away useful features we already have.
As it is, I will be reverting to the old interface until forced to 'upgrade'.