I like the visuals, but there are obviously a lot of features missing that were in the previous version, and it still has a long way to catch up with the Windows version (but that's another story altogether).
If the intention is to have all the features of the previous version, I'll be happy. But, if it doesn't, I hope you provide ample reasons for removing them, and not "we'll consider them eventually". Outlook on Mac is already a hard-sell in an Enterprise environment because of the feature gap between it and the Windows version. Making that gap even bigger might just make it an impossible sell.
Commenters have mentioned several of their missing go-to features, so I'll mention one as well. The category shortcuts on the toolbar. While nowhere near as useful as the one in the Windows version, it was at least usable. Now it seems to be gone, and not even an option through customization. Right-clicking on a message to categorize it just isn't good enough for anyone who really uses categories.