I've filled out the feedback and suggested they add a 4th option to allow those that prefer this way to continue to use it if they want.
Also, I'm finding that using it to watch shows from my Mac Pro (my primary usage model) via Home Sharing.. it's not properly marking shows as watched. In fact, the first episode I watched started as the 1/2 circle due to being partially watched, and after I finished it went to a full "unwatched" dot on the aTV, but stayed the 1/2 dot in itunes.
I'm not sure I like the new primary model of only showing rental stuff on the main menu and requiring going down the computer menu to get to the stuff I already have in itunes. The option to activate a "classic" mode in a future sw release would be much appreciated by at least myself.