What settings are stripped out?
I rather like how they combine the chat for buddies that are grouped into 1, though. Like Towelie is frequently annoying and messages me on different accounts, and it puts them all into a single window, single history. That's handy.
There's only one annoying gui change, that big away thing. And you can easily shrink it to 0, which is good.
If there's stuff about it you don't like, you should submit it, though. Part of the point of this is for them to get a feel about what the users like.