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(That said, there might be more to the phrasing than I can quite pinpoint. I think the meta->main direction has a more obvious "this is about the other site!" phrasing, which the main->meta direction doesn't have.)
@RobertHarvey Well, I mentioned the visual cue it gives. I do sometimes get confused when I see a migrated question, then read up on the box, and notice that it came from the very same community. I don't know if I'm alone on that, but the text is superfluous and implies a much starker difference between the site subjects than there actually is.
Honestly, I think the "gallery room to prevent only a handful of people from talking" thing is terrible, and shouldn't ever be the case. I can't think of a single other scenario in which the access list would get long enough to need pagination.
@psubsee2003 That is actually incorrect. The "revisions" tab will also display approved suggested edits (because they are also edits attributed to the user).
@Emracool Try to flag this question as very low quality. As it is upvoted, the option will not show up. Now try to close any question that is older than 60 days as a migration (on a site where migration paths exist) - the option will not show up. For comparison, any new question on SO could be migrated away and correctly shows the option. This applies to both the flag dialog and the close dialog (and if I'm not mistaken also for more options than just VLQ and migrate).
@TravisJ Dark backgrounds make coloured highlighting easier and focus the viewer on those coloured bits more than a bright site with some not-black-but-still-readable bits ;) (Bright backgrounds, on the other hand, make area colouring easier - subtle greyscale backgrounds etc.)
It does no good that the close voters still actually vote to close - and that's in their mindset as well. Comments like "..., so I'm voting to close this now." and "This will get closed." still give the impression that "on hold" and "closed" is the same thing. (The fact that the banner looks the same plays into that as well.) While, technically, they are the same, the difference in terminology isn't represented elsewhere. (That said, I don't think this really needs to change. We'll never truly desensitize "close" anyway.)
I think the amount of people having this problem in the first place doesn't warrant changing the format. If you know the format, it's no longer ambiguous at all, and including the year in the timestamp clearly indicates that it's a very old post - that's a visual cue I wouldn't want to lose.