I've also noticed this. Seemed to be between September-November to me. Links fly off of the first page of /new a lot quicker than before and I've seen a lot of good ones get no further than 2 or 3 points - it's a crapshoot when you submit something now. I've also had a lot more people contact me with "check out this post" type stuff.
One of the purposes of Previous Look is to capture the fast changing content of a webpage like /new so that past content can be reviewed quickly. For now http://www.previouslook.com/hnews/new has an 15-minute interval snapshot window, which seems to be enough to not miss anything.
pg — care to share any traffic data?