Just to clarify a few things here since I'm being misquoted (I'm James).
After communicating with "happiness engineer" James all day yesterday, was told that my spending time in finding the items which were easily found before this change would not affect the traffic to my site!
I think you're blowing that out of proportion, it's more effective to focus on specific problems than speculation. Overall, a change to how you insert media when writing a post has no effect on whether or not visitors will visit and read your blog.
If I'm spending hours trying to find what I need, that means that I will post less. which means that traffic to my site will definitely be affected!
If you're spending hours finding a single media file, something is either terribly broken beyond what we're seeing ourselves, or you're not effectively searching for it. If you uploaded the image before, just search for its title via either the Add Media window or the Media section of your blog's Dashboard.
"Happiness engineer" James told me yesterday to search for them by date... by looking through ALL my posts! Can not believe this crap.
I never said that you have to search by date, nor did I say that you have to look through every single one of your posts. If you open the Add Media window or go to the Media section of your blog's Dashboard (either one), there is a search box near the top-right which you can use to search all of your media by title.
So, if you want to insert an image or video that you have previously uploaded, click Add Media, search for it by title via the search box, and insert it.
Losing part of the content [tooltips] we've created in our blogs shouldn't be considered an improvement.
Regarding that, please see the explanation give in the thread your were involved in earlier: http://en.forums.wordpress.com/topic/new-media-upgrade-has-major-flaws-wordpress-support-please?replies=32#post-1081764
What if some day WP decides that text in our posts shouldn´t be longer than 250 words?
I can assure you, that will never happen. There will never be any content limitations at WordPress.com.
Does is it mean WordPress 3.5 will fix this problem with tooltip titles, and we will be able to see this content of our blogs again, or am i being too optimistic?
As mentioned above, this new Add Media system is straight out of the upcoming WordPress 3.5 release. It's not something that we made necessarily. I suppose it is possible that the tooltips may be coming back, but so far they are standing by their reasoning, which in the long run makes sense to me, but I understand that there can certainly be differences in opinion.