Either they were trying to save energy or money, or the environment or who the hell knows WHY they had to make the third rail differently than the 150 year past. With the leading edge bevel on the TOP instead of putting the beveled angle on the bottom, that lifted the rail UPWARDS instead of DOWN.
After some research, looking at drawings, I see electric contact UNDER the rail rather than the TOP of the rail. Top of rail is now covered insulated, for safety I guess. It looks like a safety measure to prevent a drunk person from pissing on the third rail and getting electrocuted. There was a $1.5 mill law suit re that.
http://www.nytimes.com/interactive/2015/02/04/nyregion/2015-02-04-metro-north-crash.html?_r=0