The whole mobile site is quite honestly pretty bad. Maybe on an iPad it looks and works great, but this layout, even on an iPhone 5 screen is at once too big and too small. You get needlessly gigantic icons for features on the front page that take up basically an entire screen length, forcing you to awkward scroll down - and there is some weirdness where trying to scroll down on a video box doesn't scroll I think? I know that very often I'm thumbing down and the screen refuses to move and I blindly feel around until I find a "grip point" of sorts. In stark contrast, all the icons and buttons in the forums section are way too small. The arrows for jumping to the last page of a thread are basically a dot. The Quote and Reply buttons are likewise a bit small and I have small fingers.
Overall I used to love waking up on the weekends and just browsing the site on my phone from bed with the old mobile site. These days I almost dread having to use the mobile site on my phone in order to check replies or messages - not to mention that the new notification "feed" doesn't show quotation marks and blends your quoted message with the reply into a perfectly seamless and unintelligible box of text.
I don't want to sound like a huge negative-ninny but apart from maybe looking a bit snazzier the site usability, both mobile and full, has gone way down since the redesign.
The site does not work great on an ipad, its barely functional, pretty much what you described with the iphone. The drop down menus don't work half the time. Even something basic like the play button for quick look videos don't function. You also can't view livestreams because of Twitch not functioning on ipad. I agree since the redesign the site looks better but the usability is way down.
I can attest to these complaints as well. Using a dolphin browser on a iPhone 4S and drops downs don't work right which is like half the navigation for the mobile site. Only seemed to happen within the last 24 hours.