Jud,
I am with you that I think the 4th becomes a better hole from over there. I think one of the negatives is that the tee shot loses some of its ability to make the golfer uncomfortable on the tee and really make the golfer think about where he wants to hit the ball. On the old tee, you really had to think about where to hit your shot, knowing you would be penalized if you did not execute (either by pushing it right into the gully, or left down the hill into the rough). Now it is a tee shot where the player just takes driver and hits it into the hillside, removing some of the benefits to those that were able to control their tee ball
That said, I still think it is a better hole from the new tees. The green is perfectly situated to accept longer approaches, although front pins might not be usable. I think at the longer length it becomes a perfect compliment to the 15th, with the course having a long par 4 with a forgiving drive and second shot, and another with high demands for both shots.
Also the new front tee measures about 230, perfect for a long par three into that green.