Well, I've had the misfortune to have to really use the "Modern" comments feature in anger, on a real document with a large number of real comments.
It's extremely cumbersome. Resolving a comment is two clicks; replying to a comment is two clicks. This sounds trivial, but when you've got hundreds of comments to work through, all of a sudden you've got hundreds of extra clicks.
And there is absolutely no benefit being delivered.
In fact, there are several significant regressions, not least of which is that the "contextual" comment view is useless. Without the callout lines of the old system, you have to start clicking on the comment icons or the comments themselves to see what the comment is actually attached to. In densely commented areas of a document, what I used to be able to do with just my eyes now requires me to interact with the software.
Imposing more work on the end-user for the same outcome is what failure looks like.
The "list" view is a broken version of the reviewing pane.
This isn't even a solution looking for a problem, because there isn't a problem that this solution could solve.