I do think the media navigation needs to be changed. In fact in xenresources i had a big topic about it with images. But at the moment i am unable to download the images from there to show them.
But from your photo i don't think they should ditch the 'Media Nav'
The reason when you click on the 'Media Index' it shows ALL of the most recent images/videos uploaded on the entire website. That's like the 'Home' button of the entire Media.
Search Media and New Media are also needed maybe moved or re-done.
I will see if i can re-make those images of an improved media sidebar and hopefully you like it.