If you regularly use Google Reader like I do, the new Google Groups should look familiar. The Favorites feature allow you to drag and drop the groups that you most frequently use. This keeps the list clean unlike the previous version where all the groups are laid out like icons on a desktop.
The settings page remain the same as the previous version. If you need to moderate messages, go to the settings of the group and select management tasks. This redesign didn't get to the news like the Google eBooks, chrome web store, Nexus S and gingerbread. The look and feel of Google products are really starting to come together. If only they could do something with the only thing that sticks out like a sore thumb -- Orkut.