Newsvine's old layout worked for the same reason 20th century newspaper front pages worked. It was a nice way to summarise all the current activity for people who just wanted to parse things quickly.
The new layout wants us to focus and drill down. It's not imitating a one-sheet, but a magazine clipping service. And that's why it fails. If there was a way to lay things out in separate sections, like Google News, the ability to filter by tag could be good. But as it is - it's just slavishly imitating the Pinterest fad.