I just bought one myself, only after they went on sale at Toys R Us for $10, though. I'm used to the large size with my Tama-Go, but I agree that they are just too darn big now. I much prefer the way my V5 feels in my hand than my Tama-Go and Tamafriends. And I'm also bummed about the way that they connect now - the infrared made it easy to connect with multiple versions - I'm disappointed in Dreamtown since I was expecting an MMO-like interaction, not a Flash game, and I'm upset that they are marketed for little girls now. This is the first version that I've seen that was like that. As a genderqueer person, I always go for gender neutral designs, and I think they would have done better if there were masculine, neutral, and feminine designs, not just ones that look like they got farted out of a sparkle unicorn (the store I went to had four designs - the purple painted one described by the OP, the white with colorful stars, and the solid colored with sparkles around the screen in blue and pink - I went with the latter two because they felt the least cutesy to me). I also miss having items that you can use with your tamas, like I can play with a paint set, a doll, or a freaking cruise ship on my V5, but I don't have that opportunity with my Tama-Go or my Tamafriends.
What I do like, however, are the new features in this one - I like that you can send messages to other toys, and I do like the concept of 'bumping'. I much, much prefer the games in this version - they seem more fun than, say, the Tama-Go's base games of jumping and shooting bugs (I mean, come on, they couldn't have come up with anything better?), and though the characters are more cutesy, I love their designs. They're adorable and more interesting, coming from someone who's specialty in my degree is character design. The depth and contrast of the screen and pixels is a great touch as well (I can see my babies much better).
I also don't get the point of the jewelry thing? Does the jewelry do anything or is it there just for a collection?
All in all, I knew what I was getting myself into, and the Tamafriends has it's pros and cons, but I'm pretty satisfied with what I was presented with.