Signed up today to post the same type of comment as seemingly everyone else here:
Our organization just got this update this week, and it is universally disliked. The very few "neat" features (simplified ribbon if you want it) are far outweighed by the unnecessary and unintuitive changes elsewhere. The Subject line when writing an email doesn't even look like a place where you can type anything at first glance! While "use tighter spacing" helps a small amount, it doesn't really make it look less bloated. What's with all of the empty white space everywhere, and why the removal of contrasting colors to help differentiate between fields and elements?
This seems like change for the sake of change, or made to look more in line with the web app version. It feels like it was designed around tablet use or something, without consideration for the fact that a large majority of users of Outlook are probably sitting at a desktop computer with a relatively low resolution monitor (i.e. under 1080p).