There's another ongoing thread about it
over here where Ken explained Omni's logic for making the change (basically matching the iPad version), and indicated he didn't think it would as controversial.
I think the general consensus in that thread is that many others (myself included) want it changed back, or in the very least made available as an option. Hopefully this will be fixed in the next version, as it's made my context views similarly useless in the iPhone app.