The change is finally here. WordPress.com has now migrated its users to the new WordPress 2.7 dashboard. The WordPress 2.7 Release Candidate 1 was made available to all users.
The features of the new dashboard are well explained in this post.
In brief, the navigation has been moved to the left with collapsible sections, so it will take a while to familiarize yourself. This menu can be further minimized
You can also easily drag and drop the various elements around the window to your liking.
The labels of various common elements have been changed in the new dashboard. e.g. your Write > Post has now become Posts > Add New. In fact, the Add New is a concept used pretty much across the board now.
The Design has now become Appearance. And you also have a brand new Tools section which is your less frequent used section of your blog. (Read Import, Export).
Overall this is a major facelift to working with WordPress.com and WordPress self-hosted blogs. I’ve been using WordPress 2.7 on my Demoblog for quite a while now.
I’m waiting for the release soon to move it to my other blogs.