I have to say I have come to really appreciate white space in the last few years. The 'metro' (or modern, whatever it is called) style has even made me take a look at the reports we produce at work - they're all so jammed with stuff... more, more, more. I've come to see that more isn't necessarily better and really appreciate the space in this UI and, yes, the oversized text in some cases.
That said, I imagine lots of people won't find this UI to their liking and that's just as valid a position as my appreciation of it. Luckily all of us have options - and much as I enjoy the phone and OS, Xbox Music is making me look at other options....but that's a whole other thread (or dozen threads) lol. [Mini hijack!]