On the plus side:

The actual extra story presented is pretty cool. I liked seeing the extra details of what happened after the battle. The voiceovers are nicely done and somewhat thought-provoking.

However...

The new endings completely nullify the indoctrination theory, which I actually thought was a cool idea and had some good evidence behind it. Before, it was "this was a shallow ending...UNLESS Bioware is actually being extremely clever/deep?" Now we can't even hope for the best; they clarified that, yes, it was in fact a shallow, stupid ending. No indoctrination here.

They also remove the biggest moral dilemma from the Destroy choice. Before, destroying the reapers meant destroying all of the relays, and, thus, humanity's only means of FTL travel. That's huge. Stone-age huge. Only now, in the new version, the relays are only "damaged." No biggie, we'll have them up and running again in a few months. You don't have to worry that your choice might have trapped humanity forever.

The new refusal ending is hilariously bad. It's basically Bioware saying a gigantic "screw you" to the fanbase. "Don't like our idea? Fine. Three games of effort for nothing; everybody dies!"

With months and months to work on these new endings, the majority of it is told through static, lazy (not to mention cheap) slideshow images. Thanks Bioware.