Yeah, I'm not really keen on the inconification of every button some themes have these days, especially with all the private control buttons below posts.
The only advantage of having both on larger screens is you learn the association of the icon to the text, so when on a small responsive screen you can get away with using just icons.
That's still not fool proof though and I still kind of prefer just text in most cases, it's generally cleaner looking and removes any ambiguity, as you may still wonder what an icon it's own may mean at low res.
The places you can get away with it are on user account controls, so inbox and alerts, but there I feel you're better off removing the text completely.
I think what the XF team have done currently is probably the most flexible at the moment though, having both out of the box, so only a small edit is required to customise it.
Personally I'd end up removing all the icons from the navigation buttons on the left, leaving clean text like your mockup Andy.
Then remove all the text from the account controls, leaving a much tighter, icon only alerts section on the right.
PS. Generally I really like the look of the new style