This new method isn't all bad. Displaying the recipe up-front gives clarity to how much of a material should be gathered. Explaining exactly what an item does makes it easier to prioritize a build order for items that require use of a hierarchy. In short, it cuts out some of the busywork.
But it kills the sense of discovery in the PC game that comes from stumbling upon a new crafting recipe and puzzling out a new item's use. It's a shame to know that console players will miss out on that. The pace of play certainly increases, but for a game built around meticulous experimentation, it's a bizarre choice. I'd have liked the option, at least, to use the manual crafting interface -- perhaps the simple recipes could appear after I had found them myself.
Other changes were less extreme. The game lacks a Creative Mode in its current state. What PC players know as "Survival" is the only play mode. (Players wanting a peaceful experience can set the difficulty level accordingly.) The worlds are also more contained, with actual end-points instead of infinite space. It won’t take too long to run into invisible walls and endless ocean. The auto-generated worlds are still more than large enough to accommodate all the necessary mineral and material types, though.
The new crafting interface is much simpler