The new UI is good for people who use the Meme Generator and don't view content.
But if you consume content regularly or you are new to the website, you will repudiate it.
The problem with the UI is that it is very clunky to use for looking at memes. The 'Meme Streams' section (which is below the 'Templates' section) is basically hidden from view unless you scroll down. It is a no-no for attracting new users. Why is 'My Creations' the first when not everyone has an account?
On the other hand, making the Generators more prominent is good for Imgflip's other target audience, which are the 'casual' creators. The casual creators are the people who use the Meme Generator for external viewing, which make up most of its users. Imgflip will have an easier time attracting these people.
To me, though, that's preaching to the choir. Imgflip has plenty of Meme Generator-oriented users. It needs more social media-oriented users. The best thing for Imgflip to do is to try make the UI easier for viewers, while maintaining it easy for the casual creator. But it's easier said than done. Designers are expensive, and Imgflip doesn't have the money. Also, the social media space is heavily competitive.
I am probably being too dreamy about Imgflip's nonexistent competing power compared to Reddit.
