I love the new format. But then, I sit firmly on one side of a debate that's been raging among RPG consumers for decades.
One side holds that RPGs are bought and sold on a cash-per-word basis. If Product X delivers 50,000 words for $20, while Product Y is only 40,000 words for the same price, then Product X is empirically a better deal than Product Y. (Or, as it's more often expressed, Product Y is clearly a rip-off by a cheap, money-grubbing, corporate publisher.) If Monster Book A contains 200 monsters, and Monster Book B contains only 180, then clearly Monster Book B is, to put it most charitably, a worse deal than Monster Book A.
The other side values RPGs by the experience provided. If Product X is more fun and interesting and useful than Product Y, for the same money, then it's a better deal--no matter what the page or word count. If Monster Book A delivers a reasonable number of monsters that are really useful and make the GM's life easier, it's a better deal than Monster Book B, even if the latter has twice the number of monsters.
Gamers have been arguing this point since the advent of desktop publishing. I remember Usenet discussions about whether Product Z had "too much white space" in the page layout, and whether players were getting ripped off because the publisher went with an "artsy" design when a couple more square inches per page could have been filled with additional text.
I adhere firmly to the second camp. Thus, an encounter format that makes the game easier and faster to run and prep for--or a graphic design that's evocative and establishes the game's atmosphere--is far more important to me than issues of space efficiency. If I get a little less content (or have to pay a little more for the same content in a larger book), it's well worth it.
If you're counting the words, or worried about publishers "padding" their products, your mileage may, of course, vary.