1) It wastes a lot of horizontal space with white paddings on both sides. It may be a stylistic decision but takes valuable space that could be used to show more words in a line, leading to less lines 2) There is no right padding in the text lines, the text touches the right side of the inner container.
All in all it would be better to simply serve the Desktop version, maybe with an slightly increased font size so it is more readable.
And please don't make the same mistake many sites (Slashdot among them) make: trying to ram an ill thought bad designed new version on their faithful userbase just for the sake of change and novelty.
There are things to improve but the best way to determine it is to actually test it beforehand in the same environment it will be used in production. These changes were definitively not tested on iPhone's Safari and it shows.