Much better. The VLC design on OSX has bugged me for a long time. In my opinion all the platforms should move towards the model where the only visible window by default is the player and the controls are temporary overlays over that player. One should always strive towards simplicity in design and optimize for the most used features. Most people will be using VLC to play one video at a time so including things like the video queue in the display by default is just time consuming and distracting.

P.S. Not just being a spoilsport here -- I do contribute to VLC, just through libavcodec.