The new lighting was done, as is pretty much everything else in college sports, primarily for TV (and the money it brings). As I understand it, ABC/ESPN prefers this kind of lighting scheme. The NBA arenas have done the same thing. In one of the previous threads about this topic, I posted some YouTube links of Lakers games in Staples over the years showing the effect of the lighting change.
A number of years ago, when the NBA moved from NBC to ABC, I remember reading some discussion about this, and the different technical approaches and philosophy taken by NBC and ABC regarding arena broadcasting, including lighting and how crowd noise is incorporated into the broadcast, because fans noticed the difference. The advent of HD and production costs were drivers.
The following is all personal preference and perception, but I much prefer the way NBC did it, as it gave me a much better "feeling" of being at the game. The current lighting, combined with how ABC/ESPN incorporates crowd noise, just seems sterile, and gives me an "outsider" vibe.