Mooseman - I agree that functionality is important, but I think they realized that. Some of the new elements, like the little box around the p/t, or even around the card name, kind of make those sections pop a bit more. They've also put more color in the frame so they can tone-down the color in the text box, making it easier to read. Black names instead of white and the same faded treatment in the name window make the names easier to read.
I'm just sort of speculating here based on my experience with having worked with people on some card frames for one of Upper Deck's games, but I'm guessing that there were some very specific functionality issues that WotC did try to address with the new frames. The fact that they advertised them as "looking cooler" was more spin than anything. For people who love the game, it sounds a bit irreverant, but they are trying to get new players, too, and "looks cooler" has better PR than, "we think we messed up a couple of things and we're trying to improve them now"
Don't get me wrong, I don't think there was anything wrong with the old frames, but I can see where the changes made could be considered improvements.
As a side-note on spin - I remember once when Reces Peanut Butter Cups boldly advertised - "Now with more Peanut Butter", and I remember thinking how that sounds so much better than, "Now with less chocolate". Call me a cynic