I like: Improved ability to climb/drop.
I dislike: Ability to walk right through things.

I just don't think that walking for three seconds longer by being taking an intelligent route that avoids a fence is a bad thing. I mean, if I wanted that kind of thing, why not just make us not have any barriers at all, and float over everything, and deal with the game in straight lines? I know that's taking things to extremes, but the entire point of my post is that you shouldn't sacrifice realism (or at least "thinking while walking") from the game. I do hope the ability to walk through things disappears one way or another - be it jumping instead, vaulting (that would be awesome) or just putting objects (not cliffs!) back to the way they were.