My understanding is that the original Hotel at the Cloister is being destroyed, with a entirely new building replacing it, so I think "redesign" is an understatement. As someone who's vactioned at The Cloister a few times, I think it's too early to tell whether it will be true to the original, or be more akin to The Venetian hotel attempting to "capture the spirit" of Venice in Las Vegas.
As to the changes to the golf course, I personally liked the 4 nine-hole courses much better before Fazio's and Jones' work. I really enjoyed being able to combine any of the 9-holes into an 18-hole round, although I heard that many golfers complained about that. I wish I could give a more detailed review of the changes, but others have already done so above and my memory of the old design is not clear enough at this point in time.
An interesting comparison on The Cloister's website between the design philosophy behind the changes to both the hotel and golf courses (the inernal contradictions in each are amazing):
The golf:
"Seventy years of history enrich this soil that crosses generations of golf greats: Bobby Jones, Sam Snead, Davis Love III. It began as the Seaside Nine, built by Colt & Alison in the 1920s. In 1930, Robert Tyre "Bobby" Jones called it 'one of the best nine holes I've ever seen.' Now it's been recreated as the new 18-hole Seaside Course, skillfully achieved by architect Tom Fazio. His vision: honor the tradition and integrity of the original design, yet carve a completely original, challenging and contemporary layout.'
The hotel:
"Just as if the original architect, Addison Mizner, was designing it himself, the new Cloister Hotel will feel very much like the hotel we all know today. Although it will host more spacious rooms, and newer and better amenities it will feel very intimate, much like someone's grand private residence. With butler service and a beautiful new Spa, the new Cloister Hotel will sit along the Black Banks River. And the Spanish Lounge, built in 1928 as part of the original tiny inn, will be lovingly reconstructed piece by piece so that we may enjoy its beauty for generations to come."