I like what it means for sellers. It reduces overpricing and then constantly price dropping until there's a bite. Instead, with the effectiveness of bumping reduced, they must price it reasonably from the start or increase the risk of it not selling. This simplifies things as a seller, something I prefer at least. As a buyer, this means less time wasted rechecking the thread for the new price drops.
At first I hated it and sorted it by time like you do, but I do like it as a buyer. The reason I like it is that before I was constantly sorting through old threads I didn't care about as they got bumped. Since there are at most a couple threads a week with knives I might consider buying if they reduce in price and many, many more that I don't care about (which I'd assume is the same for you), it is much more time effective to just keep those open til they either sell or reduce to a price I want to pay than it is to sort through all the threads I don't care about each time I check the forum.