I am using [PebbleBits](http://pebblebits.com/) firmware with all firmware watchfaces as well the music and watchfaces apps disabled. With new QuickLaunch shortcuts and PebbleBits' BackLaunchBank14, I can run all of my apps without entering the menu (except alarms, notifications, and settings, which are now at the top).
In terms of hardware, the new one has much better feeling buttons, and has torx screws in the back. A bit of research reveals that while there is still some glue, the screen is now actually replaceable! I would start using it now, but I need to get another screen protector first.
While I rather like the new hardware, I am sad to see the old one go (they asked me to return it :( )...