I have the same exact complaint and problem. For me, the new version stinks, especially for Movies (which is the main thing I used it for). And to prevent us from even using the old version adds insult to injury.
Here's a thread I started on this from a few days ago:
http://forum.ppcgeeks.com/showthread.php?t=128794
I also posted on a Microsoft forum, and theoretically, the complaint has been heard before and is being sent up the food chain:
http://social.answers.microsoft.com/...?prof=required