I've been using this design today. I think it looks great in screenshots, and improves a lot of those issues, especially in show-notes view (which lets the content scroll under the glass ad capsule).
In practice, though, it has a fatal flaw:
It always looks like I have a notification. And that's very distracting when it's sitting on a counter as I do stuff and I see it out of the corner of my eye.
Which I never would’ve realized until I lived with it on my phone for half a day.