While I don't miss underlines, making titles bigger removes a few words from long titles and that's not a good thing. Here are some search results for [google maps api]:
* "Google Street View hack turns your city into a post-apocalypt..." (full title: "Google Street View hack turns your city into a post-apocalyptic jungle")
* "Google puts a limit on free Google Maps API: over 25,000 da..." (full title: "Google puts a limit on free Google Maps API: over 25,000 daily and you pay")
As you can see from these examples, only a few words are removed, but the truncated titles are difficult to understand.
Here's a side-by-side comparison between the new layout and the old one:
From what I know, Google has never displayed a few characters from a word in search results titles. Now it has to do this.
Scanning a list of search results has turned into a game: "guess the title". "Department of Computer S..."? It must be "science". "Combinatorial optimization problems in wireless switch de..."? Hard to say.