I was trying to word my response, then got distracted. Sorry.
I greatly prefer the newer format (and I must say, like Falkus, the power flavour text has been a great help for running the game).
There are definitely some lessons to take from the old format, however. Particularly, I'd say that a large, complicated set-piece battle is easier to run when it is self-contained in its own 2-3 page spread, with nothing but the encounter on those pages. All of the text, tactics, environment first, monster stats on their own page, etc.
You guys do a great job in the new format, don't get me wrong, but it's occasionally wierd when text sections are split between pages, with a page of monster stat blocks in the middle. The Sea Gate encounter, for example, could have been two pages, rather than 1 full page, and 2 half pages.
Yeah, it would have required some different formatting to keep it in-line with the adventure, but I think the point stands.
So if given the two choices, I greatly prefer the new format. But if given free reign, my choice would be 99% new format, with the occasional 2-3 page spread for setpiece encounters where appropriate. (Note that these spreads would be best when in-line with the rest of the adventure, not split off like the old format did.)
Does that make sense to anybody but me?