I disagree. This change is for the better.
Take the example of someone named Juan Carlos Maravilloso
You remember him as "Maravilloso" and you tend to forget the first name "Juan Carlos".
Yet in the old system, his name would appear as "J. Carlos Mar..." Really? If this is someone from the opposing team, do I have to go through his roster to find which player's first name is composed of two words, the latter being Carlos and the former being something beginning with a J?
The main problem with the old system is that there wasn't enough room to display the surname properly.
The new system gives a lot more space for the surname, and yes, the cost is that composed surnames will have their first word abbreviated.
But I'm confident there are more composed first names than composed surnames.
"Air is beautiful, yet you cannot see it. It's soft, yet you cannot touch it. Air is a little like my brain." - Jean-Claude Van Damme