"What's New" will give you an improved version of Last 50. Allow me to explain:
We took off 'What's New' before because our search (which is behind 'What's New') wasn't keeping up with the pace of things, and only updating every 5 minutes. We therefore wrote a stripped out, fast 'Last 50' that would be live, but not slow the site too much. In the process we lost a few things, notably thread preview when you hover the mouse over, and paged results.
We've upgraded the search mechanism which allows us to update every minute. Last 50 is therefore not useful any more, and we have the full function "What's New". Old links should redirect to that.
I personally don't really like to be kept on my toes. I like to finish work, make a brew, click the ARRSE tab at the top of my browser, and pick up where I left off the day before. The last major changes to the site felt a step too far at first - I couldn't (and still can't) add images or most smilies, the layout to all the various forums and links seemed alien, and I found it comparatively difficult to find threads I'd contributed to. As a result I found myself visiting the site less often. I've been on a bit more recently, but it's been a very slow process getting used to it.
I like it, now I have the ability to hover my mouse over the topic on What's New and get a brief synopsis of the content, just like i could before the last update. You can keep your Last 50, I prefer this