The previous version was oversimplified and didnt offer many usable features. The new version promised a ground-up redesign and certainly delivered on that, but I find it odd that some of the most basic features were removed entirely (such as total number of open orders!!! What in the world??) or put in such odd places that they are difficult to find or cumbersome to use on a tablet (such as the at-a-glance out of stock variants, which used to be prominently displayed but are now just mixed in with all products so you have to find them yourself).
With the update I am also no longer getting new order push notifications, which I hope is simply a temporary bug and not a "feature" of the new app.
Vanityclaire about Shopify - Your Ecommerce Store, v5.0