Is it just me, or are objects no longer "On top" of the grid in this release?
The short answer is "yes". See item numbers 5 and 6, below. Is this different than it used to be? I don't know. It's possible.
The drawing order is:
1. Board - meaning the background text and any map that is part of the background (not the same as dropping an image on the Background layer).
2. Drawables on the Background layer
3. Images on the Background layer (called "stamps")
4. Drawables on the Object layer
5. Images on the Object layer (called "objects" or "markers")
7. Light from light sources, and auras
8. Drawables on the Token layer
If the current view is that of a Player (or GM in "View As Player" mode), the following two are skipped:
8A. Drawables on the Hidden layer
8B. Images on the Hidden layer (called "hidden tokens" or "hidden objects" depending on their use)
9. Images on the Token layer (called "tokens")
10. Movement of unowned tokens
11. Movement of owned tokens
12. Distance and Token Name labels from #10 and #11 (called "distance labels" or "movement labels")
13. Text Labels (called just "labels")
14A. Soft fog is drawn first
14B. Hard fog is drawn over the top of the soft fog
15. Vision overlay (this is the thin white line that outlines the selected tokens visible area, or the visible area of the token under the mouse if owned)
16. Overlays (this is a generic "paintable" object; the Pointer when the Spacebar is held down, the little "light bulb" when View>ShowLightSources is turned on, VBL when the VBL editing tool is active, and so forth)
17. Grid coordinates (letters along the left, numbers across the top)
If you've turned on the "Collect Performance Data" option, the above list will give you an idea of how much time is taken in accomplishing each of those pieces (measured in ms).