I have a feeling its dependent upon which phone you use. On the 920, It doesn't look any more low profile than the old one, but on my 1520, it takes up less screen real estate. Putting the two side by side raised my eyebrows, in that they were physically the same size vertically, but more of the content was visible on the 1520.
This was tested within IE and Messenger, on my 1520 and my wife's 920. Your mileage may vary.