The discoverability of the interface is always a trade-off. They probably have enough data to assume that users will in fact learn this interface from daily use. I preferred text too.
just noticed they haven't rolled out these changes to everyone, I still have an outline and text buttons: http://cl.ly/2X1r2G322r241K3M2Z0U
People should also note that the "classic" theme is still available. I like the "dense" version of the new theme, though I don't use the web interface much anymore.
The brain has to look at a layout and make sense out of it. In real life we're aided by contrast to make sense where one object starts and where the other begins -- without contrast you end up with camouflage. When using white space our brains figure out the delineation based on positioning. If blocks of text are perfectly aligned we fill out the delineation automatically; so lines are not necessary. This process breaks down over large areas since our field of vision is small and we would have to scan the whole area before we would make sense of it.
In the new Gmail layout, the menu items are aligned to the left, and so is the content. There are no "lines" between the menu and content the brain can fill out. Of course we can tell where one stops and the other starts, but it takes longer, it wastes more brain cycles than necessary.
Based on the screenshot we do no see the same version. In your version you have a separation between the menu area and the body of the email, the buttons have text and not icons, so we're not arguing over the same layout. Also, I do not see a classic theme being available.
EDIT: I don't see a classic theme that would look like your screenshot.
Without the line delineation, I found myself with the mouse hovered over the left column trying to move the main content and wondering why my scroll wasn't working. If you have tall enough content in the left sidebar a (non-standard) scrollbar appears (sometimes). But if you don't have content there, or aren't moused-over the correct areas, you don't get any indication of what's happening.
If the page was a normally scrolling page with no frames, the whitespace is not terrible to me. The way the page functions, it needs the 1px frame that Google+ has.
When it's so low-frequency (wide) that it doesn't trigger the edge-detectors in your retina.
Analogy: it's easier to cross a lawn than to scale a wall.
Edge-like features create an intensity wall in the image signal, whereas plateaus of do not.
There's a clear biological / image processing basis for this.