I do not like the new mini player. You got more functionality from the old one in a smaller space.
That's quite a stretch. For the first time ever, the mini player shows you the album art. I can queue up or play any song, playlist, artist or album in my library, can see my upcoming and played songs, remove any of them, rearrange their order or re-add any of them, can see and add Genius suggestions to the play queue for any of the songs I've just played, am about to play or for the song I'm playing at the moment. I can also add any of these songs to a playlist, or directly locate them or their artist or album in my library. And all of that from something that's perfectly unobtrusive and can just be tucked in a screen corner somewhere. Both the search as well as up-next functionality can even be initiated by using the keyboard (⌘F or ⌥⌘U). It even dynamically resizes itself and goes back to its original position once you're done interacting with it. And you can further reduce the mini player's size if you want to, without losing access to the keyboard shortcuts.