I just sign into the friends list today and was greeted with this...

This is the re-design they were talking about.

The slightly larger gear icon allows the user to open up the settings menu with less effort.
The friends list has been moved up above the friends tab, so the user realizes just how lonely he really is.
The emoji list is now easier to find.
There are now 3 Microphone and 2 Headphone buttons for your convenience.
The amount wasted black space that was featured in the beta version of our new chat redesign has been increased due to popular request from [n/a].

Roadmap:

Mid-2019 - do whatever discord's doing, but worse.
Early-2021 - apply the same redesign onto the activity tab. Late-2022 - make everything larger.

/r/Steam Thread Link - i.redd.it