Well, after spending the entire day playing on the new patch, I can say I like it. I haven't really noticed any of the equipment or spell nerfs, seeing as how my usual setup was untouched. Ironically, I had just upgraded my Xanthous Leggings to be better than the Dusk Skirt (or whatever, the thing you get from Dusk of Oolacile's corpse) the day before, so dodged that one. And my standby sword the Gravelord Sword is still completely broken in terms of damage (does more damage than my Lightning Man-Serpent Greatsword +5, despite being 200 weaker on paper).
I will however say that the one major change I've noticed is one I really appreciate: they got rid of the exploits, but made them unnecessary. The Snuggly exploit was needed because you couldn't possibly get enough Twinkling Titanite otherwise. Now you can buy it, albeit for a fairly high price, in an endless amount. They also fixed the infinite soul glitch, but made grinding for souls far FAR easier, thus removing the need to use the exploit to level up at SL 100+
Plus, one thing the patch notes don't mention that I definitely have noticed is that items drop a lot more often. Not just humanity, but the rare drops for most mobs have increased dramatically. Not to the point where they're no longer rare, but instead of grinding through 50 Man-eater Clams to get one Purging Stone, you can get one from every ten or so with Covetous Gold Serpent.
I will also say that I love the increased lock-on range. It's not long enough to make ranged builds OP, but it does mean that I can lock-on to enemies without smashing my face into their sword to get close enough first.
Basically, I think that the update didn't necessarily make the game EASIER, at least not noticeably so, but it did make it more FAIR. There's no longer as much of a need to hem and haw over what to spend where because it'll take you another 30 hours to upgrade the other one. I think it's closer to Demons' Souls now, in that it's more about knowing what you're doing and learning than it is grinding and twinking your stats.
[small]Ornstein and Smough are still bullshit though.[/small]