Unbelievable how bad the latest version of Pages looks against the oldest in the example. The "chrome" part - the buttons without labels, I have no idea what most of them would do and just glancing at them gives me a headache.
I'll say. It really shows what we have lost. I deeply miss old OS X.
It can be good to reduce chrome and focus on content, and have minimal UI's but there's a limit. Your UI still has to be discoverable, and intuitive. With everything hidden away it's unfriendly, particularly for new users.
It's still impressing how the entire chrome can be collapsed into a single background bit of information, indicating a presence that may be attended to for interaction. In contrast, the newer interfaces seem to be made to reduce the attention span anyone may apply to the content. (It's really stress inducing.)