Note: I am aware that the site switcher has moved to the right side of the page. This isn't a case of me clicking the wrong icon, it's a case of the site-switcher itself being a link to stackexchange.com (which is not new behaviour, and expected when javascript is disabled) for no good reason.
My browser can be pretty slow sometimes, and I often find myself in cases where I want to use the site-switcher before whatever javascript magic running it has finished loading up. When I do, the site-switcher button acts like a normal link to stackexchange.com.
This is almost exactly never where I want to go when I click that button; pretty much every time I'm clicking on the site-switcher, it's because I want to access…
- …the meta for the site I'm currently on
- …the chat for the site I'm currently on
- …one of the other sites I frequently use
These are all things that the site-switcher is great at doing. I'm happy, you're happy, everyone's happy. Stackexchange.com, on the other hand, doesn't really give me convenient access to any site metas, any chat rooms, or even really any other sites.
Sure, sometimes maybe I want to go to check out the hot questions feed, but if I was going to do that there's now a big "Stack Exchange" logo on the top left of the page that takes me right there (and much more intuitively). Having the site-switcher point there by default might've made sense in the old top-bar before there was a dedicated link, but right now it's just redundant and ultimately only exists to cause pain and frustration for all involved.
If you must have that icon point to somewhere, maybe a page that basically duplicates the site-switcher functionality (Even stackexchange.com/sites would be better; at least that's actually "A list of all 171 Stack Exchange sites" like the mouseover text indicates).
Otherwise, I'd be pretty happy if that button just does nothing at all until the magic site-switching menu code I'm actually expecting actually loads up (which is already how the inbox, achievements and help icons behave when their javascript doesn't load).