It's more than just feeling old... the new format grabs all the space at the top forcing much scrolling before the first new post can be seen.
I don't think the ads are taking any more space than before - it is the message introducing the new format that takes all the space. I assume that that will go away in a week or two.
The only thing I don't like is that the quick navigation button at the bottom doesn't quickly navigate back to the folding bikes thread list, it pops up a selection of forums. But the Top button is nice.