Did you watch the video? At 0:23, they click the little gear and it gives three different padding options.
When he selects "compact", it looks like the classic padding to me.
When he selects "compact", it looks like the classic padding to me.
I just switched to the new look and (after changing the density to "Compact") I could not notice a difference on the padding.
It was a nice surprise.
Are you working on anything related to this design?
I'll watch the video when I get home, but Google is having a love affair with white space on this new layout, I'm doubtful about the padding on the email list.