Well, I'm not really feeling the new channel layout.
First of all, there's no way to set the opacity. As someone who liked to make her own backgrounds (and my backgrounds tend to have a lot of stuff on them), the opacity settings helped in this regard. In fact, there's less customization as the previous version.
Second, and this is just my personal opinion... Favorites should just be that: favorites. It shouldn't have to be a separate playlist.
Third, a person shouldn't have to switch between channel feed and channel comments. I like how you expanded the channel feed from five to several more than that (I didn't count), but channel comments... perhaps you can have a date feature for that (up to like a year from the current date). Just a suggestion. This, along with the video listing, is where a load all button could come in handy.
Also, concerning channel comments, I noticed a lack of an option for friends only commenting and non-friend comment approval. The return of these would be nice.
I have a few more, but I'll be getting into nitpicking territory. That, and this post is long enough as it is.
But yeah. I have to agree with the majority here that the channels are far from perfect.