Yes, they did retool the mechanics. Such as:

Attributes -
Not only are Attributes catergorized as Mental, Physical, Social, they also have types, called Power, Finesse and Resistance. For example:
Physical:
Strength is Power
Dexterity is Finesse
Stamina is Resistance
Social:
Presence replaces Charisma/Appearance, and is a Power type attribute
Manipulation is social finesse
Composure is added as a social resistance
Mental:
Intelligence is mental power
Wits is mental finesse
Resolve is new, and is mental resistance
So over all, attributes make more sense for play

Merits and flaws were cleaned up. There is no more backgrounds - now they are different types of merits.

No more freebies - everything is done as experience points, and always costs the same, if your creating a new character or improving an old one.

Abilities are called skills. They are divided between the physical, mental, social division. There is less, but broader, with specializations now.

Instead of Nature and Demeanor, there is Virtue and Vice.

Combat is now one roll, so it moves quickly and is simplified.

But beyond mechanics, they did some other interesting things. There is no more metaplot. They give you the history and background up till now, and then your group takes over. Politics is localized, and made more perrsonal rather than world-spanning epic though that remains as an option. Each of the different supernatural races are cross compatible now, playable with each other. They all have a morality type and a power stat, yet retain they individuality. The power has been toned down.

Vampires are much more social political degenerating predators than superheroes who only come out at night. Werewolves are much more primal monsters that have to work to keep an alien spirit world in check - no more disney, shiny, Gaia and the happy Umbra. Mages work to uncover mysteries at the expense of their sanity, and the very nature of reality is more at question.

Yeah, if you collected all the books (as I did), it sucks. The metaplot made WoD very collectible. BUT, the new World of Darkness is a better tool box for better stories, IMHO. And I had to remind myself that I am here to play, not collect.

And White Wolf is a business, not a non-profit. It is in their best interest to reintroduce the game in a format that is not only a better game, but easier for new players to start as well as for old players to do more.