Same. I have no iTunes version to go back to - this app is useless to me now without the thumbnail page view, notebook headers, etc. I'd leave penultimate over this, which would leave me little reason to keep Evernote.
Same reaction. I've used penultimate for a few months now for class notes. This update has made it completely unusable to me. Just copy and paste every comment above this one - this was a terrible set of decisions, guys.