I just upgraded from Suse 11.0 to 11.2 and also to new Kaffeine. I’ve been using Kaffeine for the last years to watch DVB-C TV, which was just nice. At first I was very much disappointed, like many others. But, software engineering is my daily work and I assume, that Kaffeine was at a point, where the developers rather started a new development for KDE4/qt4 environment instead of just putting the old code into a new wardrobe.
So I hope that we’ll get back all the features we miss in the near future.
On the other hand, I really appreciate the look-n-feel of the KDE4 (even if I don’t understand all features 
which is more ‘harmonic’, if you look at the design of applications, fonts etc - nice, modern, a little like Mac or win7 but not using all these glamorous effects that I find annoying.