Like many others, I've grown to like the old-school map. But I understand why nobunaga wants to go through a revamp process.
I'm firmly concur with wicked that the multiple names are a really bad idea. There's geographic accuracy, and then there's clutter. If geographic accuracy in naming makes the map look substantially poorer (as it does now), then accuracy needs to be sacrificed. It's a game board, not a real map. Besides, on Classic, Central America isn't called "Mexico and Central America", even though that would be more accurate than the current name. Similarly, Siam encompasses more than just Thailand. Please pick just one name.
I also greatly prefer the version without flags, especially since, as noted before, they don't correspond to the continents, which is the whole point of the flags on great lakes. Coloring each continent seems to work way better.
Perhaps the problem that people are having with this revamp is that it doesn't seem to be very much in the style of nobunaga's map. Yes, I understand that the gameplay will be exactly the same, but there is a sense of something being lost, especially when we're talking about one of the top five most played maps on the site. This isn't a revamp, it's a complete graphic rebuild.
Te Occidere Possunt Sed Te Edere Non Possunt Nefas Est