Has the new OS addressed the issue of small menu fonts for larger displays. Is there an option to increase the font size system wide. My thunderbolt display has been unusuable for me because of this.
The short answer is no, unfortunately. I'm even wondering if these guys at Apple have bionic eyes to release such products.
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What I'm doing on my iMac 27-inch is, I'm working on HiDPI mode. 1280 x 768 instead of 2560 x 1536. The bad part is I lose so much screen estate, it invalidates the reason why I bought a 27-in display.
I remember having this app 3 months ago - QuickRes - where I could setup my own HiDPI resolution. I would use 1920x1080 if I remember correctly. It wasn't optimal for the display pixels, but the picture was nice, and I had a lot of screen estate. Now since 10.9.3, and still in Yosemite, QuickRes doesn't do these custom resolutions.