No information has been lost. Strike that. Favorite color was removed. As far as I am aware, nothing else has been lost. Some questions have been collapsed, but everything is still there.
As for favorites - some things aren't 100% perfect. The "Favorite things" were intended to be a list of things, but people ended up using them as a write whatever you want in thing. This made it impossible for us to have these search-able or otherwise usable. Now it will be usable data, able to be incorporated into search and matches. Most profiles will be accurately translated, but some members who wrote full sentences when the questions were asking for a list of things should check their profiles. There were 12+ million records that needed to be converted, so this absolutely had to be an automated process.
The actual presentation of the profile will improve in the near future, but we need to get this data conversion done quickly. The more time that goes by the harder it becomes. I welcome some details of what the shortcomings of the changes are. Is clicking to expand the short answers a hassle? Should EVERYTHING be visible when you first go to the profile, even if it makes it 5+ pages long?
Real feedback is appreciated, but I'll be honest: posts that consist of "OH MY. I FEEL LIKE YOU JUST RAN OVER MY DOG!" type sentiments are going to be removed. We can fix stylistic or usability issues. I can't fix your dead dog.
(I'm trying to be a bit humorous here. If your dog actually just died, you have my sincerest apologies!)
PS: There are other improvements, such as photo management, etc, but I have a feeling that they'll likely be overshadowed. Ah well.