What is going on with LISTS?

I wouldn't be as pissed it offers the same functionality as the old. But no it doesn't. Their overzealous push for their new product offering with even less functionality than the old is really just poor decision making. In my case, and unfortunate enough for me, the new platform does not even allow me to do the same thing so I have to change architecture of my app entirely. 
Combined with some authoritarian push to hope people will adopt the new platform more by breaking stuff in the old, you really are not making people jump to the new platform because people cannot and they are forced to look for new platforms and chances are, "no, MS, I don't want to get burned the second time so I don't care, I will find a way to make sure you are not the winning bid or the recommended vendor".