I don't really understand how this is such a clear example of The Cheapening since the original hat wasn't tremendously different. What, are they saving a few thousand because they aren't using as much concrete? If you actually compare the photo with the model, you'll notice there are other, subtler differences. The vertical posts are flush with the balconies, rather than being attached to them. And the top of the building might now more closely resemble the tops of the other setbacks (as you can see on the model to the left). I'm getting the feeling this was a design choice.
And if someone's decision to buy or not buy into this building was entirely due to the construction of its hat, he or she probably shouldn't buy into it.
It's also not done, as urbandreamer points out.