It's a lot easier to overlook creatures' abilities in the first format. Especially when there's only one entry for "spells" or "spell-lilke abilities" in the short form block, and you have to flip a couple pages to find the full list of attack options.
Then again, there are several times in the second format where they simply don't tell you if an ability is a "special attack" or a "special quality" or even whether it's Su, Sp, or Ex, or other "usually unnecessary but occasionally extremely significant" bits of information.
The second format is better IF you don't have anyone in the party who likes to shapeshift, or if the party doesn't like to inflict a lot of different status conditions.
Otherwise the first is better.