This new version is powered by a custom built back end, and you should expect to see significantly faster queries with it.
Right now the UI is a little bare-bones, but we intend to roll out new UI features based on user feedback, so please let us know if you have any suggestions or comments.
Regarding your question about staying on the beta version, we want to keep it on an opt-in basis for now, in case users for one reason or another prefer features of the old system. The plan is for us to replace the old server logs tab with our new one once we are confident the new system is an improvement overall.