Just got back from my first final; here's a few thoughts to bide you over until I can get a substantial post in:
I think a neglected facet of the Old School/New School difference is the degree to which character creation and mechanical development is a part of the game in the New School approach to things. In this style of play, actual roleplaying is, to some degree, just testing out and proving the way a character has been created. When you look at it this way, it starts to make sense why homebrewing and, especially, on-the-fly adjudication are anathema to this kind of player. If, to at least one degree or another, a significant part of the game is preparing a character mechanically for what the character will encounter then not knowing how different encounters and situations will be adjudicated must be immensely frustrating. That makes a lot of sense, I think.
In other news, I stumbled across this series (and parts 2, 3, 4, 5, 6, 7 & 8) on dragons a week or two ago and have been forgetting to link to it. I've seen a lot of complaining (probably justified) about dragons being too wimpy and this interpretation of dragons as mastermind puppet-masters with non-human psychology is a great way to make dragons a real challenge again. The only downside is that the chances of a party getting to fight a dragon are pretty slim, but then that just makes victory all that more sweet, right?