ORR at the interface between platinum and recast Nafion® with 1100 and 950 equivalent weights (N1100 and N950) was studied employing smooth Pt and Pt-black-covered ultramicroelectrodes. At 100% relative humidity, the diffusion coefficient and solubility of oxygen in N950 are correspondingly higher and lower than in N1100, in accordance with the smaller volume fraction occupied by the hydrophobic component in N950. The ionomer surface restructuring, where the hydrophobic component is coming into contact with Pt with an increase in ORR overpotential (1) is more significant for N950. The inhibition of ORR caused by the restructuring is dramatically reduced at Pt-black-covered electrodes, where the complex interfacial geometry obstructs molecular motions, but the higher tendency of N950 to push out the hydrophobic component is reflected in the overall smaller accessible Pt black surface area for this ionomer. The potential consequences of restructuring on PEM fuel cell durability are discussed.