^The movement controls are exactly the same, so there's no difference there. The mode means you don't have to keep moving the camera around using the left or right mouse button - it maps directly to mouse movement, so it feels more like a third-person shooter. It's strange, because I've been playing Mass Effect 2 recently, and this new mode feels much more familiar than the RPG style (I kept getting annoyed at having to move the camera around the few times I switched back to RPG mode).
There are some minor drawbacks - it's harder to stay fixed on a single target, your BOffs sometimes get in the way, and you're sometimes swinging around wildly trying to find your next target. That said, there are also advantages, such as grenade throwing to space, a nice little range indicator on the reticle (which is especially useful when using sniper rifles, as the secondary fire can be used at much greater range), and it feels smooth and straightforward. That said, I don't know if I'd use it all the time - there seems to be less tactical thinking involved (I hardly used my powers, for example, although I was fighting enemies several levels below me, so that may have had an effect). Also, there were some issues in one of the missions I ran with targeting static mission objects - in this case, Borg shield generators in "Collateral Damage".
Borg thoughts - the weapon adaptation, and the frequency modulator are absolutely perfect. The lack of constant proto drone beam-ins means that I could focus on what targets were closest, without having to worry about the order in which I took them down. The medical drone seems surprisingly sprightly - it bounded across the field towards me...
I do like the new loading screens - the numerical display makes it easier to judge loading progress.