What happened to the list of software releases on the right side of the page? The one that just had the project name and version and spanned several days? That was THE feature on the main page I found the most useful by far! The new site doesn't have that, nor seems to have any way to recreate that after logging in.
On top of that it appears to not be possible to even filter projects on basic properties such as the programming language(s) they are written in, i.e. can't say "show projects that use C++" or "don't show projects using Java" like you could with the old fm 2.0 project trove. All in all, I'd have to say the usability of the site has plummeted from pretty nice to utter crap!
I'd have to agree with some of the other commenters that it if some of the large amount of missing functionality doesn't show up very soon, it'll be time to find a site to fill the role that freshmeat is now incapable of filling--a convenient method for seeing what software projects have new versions out.