When do the local vars/function params are coming back?
When someone decides to reimplement them.

This might be a good idea...
This way I find the debugger interface barely useable.
I'm sure you've not used the old interface for something more complex. 
Adding watches in the new interfaces is relatively easy:
1. Select the expression in the editor, right click, add watch
2. Select the empty field at the bottom, type the expression you want to watch, hit enter
You are right it
IS easy
BUT annoying and takes time. Sure it depends on the workflow habbits.
In the past I mainly used the watches windows
BECAUSE it was showing the local vars/parameters.
IMHO it is very convenient to see all available local vars in the current scope. Elsewise you always have to move the mouse over the var and wait for the tooltip timeout.
I use the "see all local vars" feature all day. If the old concept of showing local vars/parameters breaks the concept of the watches at all maybe the local vars/parametes should get an own windows - like eg. it is the case in insight. There watches and local vars are seperate windows which automatically get updated after each step of execution.
Roland