As I live abroad, my passport is very important - not only to me but to the authorities with whom I register my residence and, of course, when I need to leave to go back home to the UK or anywhere else outside the Schengen area. We are obliged to carry it with us at all times.
I was lucky enough that my second last blue (I thought they were black, actually) passport expired shortly before the new red ones were introduced, so I had the blue/black one for the longest possible time.
However, the soft-back, smaller EU passport is more practical as I like to keep it in my jeans pocket when travelling and not in my handbag, where it could part company with me. (Am I paranoid or just over-careful?)
So, while the black/blue hard cover, gold-embossed passport was very distinguished, a softer, smaller one is fine by me. The new colour will most probably be back to black/blue, which I think is much more official-looking and distinguished than the red, and definitely nicer than green!