I like the idea of splitting up the big page into smaller and cleaner pages. If both can co-exist I'm definately in favour of it.

By doing this split you can also easier document the features on the particular Settings page without creating a mess. You could also create an index that lists page by page with the features you find in it, with links taking you directly to the setting. That at least I would find easier than scrolling a big page. Those who don't can use the old big page, if that can co-exist.

I think creating a (possibly index) frontpage for the settings is a good thing. It makes it easier to get an overview, find a feature easily, and allows you to easier reorganize without confusing us users too much. It's also a natural place to advertise new settings.

I think the old settings system unnecessarily messy to navigate, and really welcome this effort to make it easier.

Just my thoughts,
ihb

PS. It's quite likely I'm just plain ignorant about some features and/or documents regarding this.