A lot of the mouse-overs and clicks bog down functionality, and actually obscures information sought. I understand, that you want to avoid information overload, but right now you are overcompensating. The game offers up a lot of information during gameplay, and the new UI strategy tends to obfuscate that.
I come across screens with one mouse-over point and an entirely blank screen at times. Functions often have a series of redundant clicks, before I have to make actual choices. Basic information, that could easily sit in a corner or edge of an icon without obscuring it, now need to be accessed with clicks and mouse-overs.
A good UI in an information rich environment need to give users easy access to that information. Some information is needed for quick overview, like amount in possession, amount recieved, if a weapon/frame has been mastered or relic refined etc. Other information is less valuable for a bigger picture, like the effect of a mod swap on an ability, and can be covered up until retrieved. And while this may break with a functionality pattern, a strict adherence to the current pattern is hiding information, that is needed up front and accessible at a glance.
You also seriously need to reconsider your use of washed out colours on icons. Some of us are getting a bit old, and our eye sight isn't what it used to be. Subduing a mass of icons and making them less distinguishable isn't helping.