MD is the software running the forum... if you look down near the bottom, you'll see MyDiscussions.Net Forum, Version 2007.1. The old format we know and love was using iForums.
Personally, I prefer phpBB, but maybe that's just me. (Wait, I know it's not just me). iForums was ok because it still had much of the same form and function as boards using phpBB. However, MD so far isn't winning me over. I really miss the "Reply to" button... and for the MD lovers out there I don't mean the damn "Quote" button you've set up... I mean a real "Reply To" button that puts "In Reply To Zorak" (for example) right at the top of your message rather than quoting out the whole damn message again.
As for the smilies, I usually use the quick reply at the bottom... not so much so I don't have to look at them, but because it's quicker and easier.