I really don't want to rain on anybodies parade, and I'd really like to like the design just because it's different and original. But unfortunately, I don't think it's a step up in terms of usability.

Ignoring stuff that others have already pointed out, there's no way to know which fields are required before you submit. Not a big thing in the grand scheme. But it's kind of a no-brainer, always recommended usability thing.