I thought you had a gold pass to their great domain's auction
That was a few years ago now. The beginning of the end there started when they took active auctions off the front page and replaced it with domains that had no hope of selling. It has been a downhill journey for them for some time.
This "update" is a case of them focusing on something unimportant and ignoring more important issues, basic stuff like easily being able to set prices. Afternic has similar problems but they do have a distribution channel for listings (godaddy), something that Sedo no longer has.
I think Sedo is now simply reliant on people parking with them and getting sales that way.