Sometimes less is more, but not always. FWIW, this looks to me like the case of a cure looking for a disease.
Look, I'm not adverse at all to change and have supported design makeovers in the past. But, in this instance I gotta tell ya (after staring at them both for awhile), I like the current better for both aesthetic and utilitarian reasons. In particular, I much prefer the embolding of the current link buttons and the fact that it's a menu bar. What can I say...I LIKE menu bars. If you want to remove a couple of buttons (plz leave the "Home"), have at it, but keep the bar. The suggested change looks all washed out.
P.S. Note the new ACOM link placeholders