I haven't heard the new version (I didn't even know about it until I saw your post in fact) but i have the original one and I really like it. You need a pair of relatively efficient headphones as the amp is very noisy when you try to turn it up past about 11 o'clock. For instance, it doesn't drive my Koss earbuds very well but it does perfectly well with my ultimate ears studio.fi 3's. The crossfade is a gimmick, and I wish you could get one without it, but other than that it's a great little amp for the price... especially when fed by the iMod.
If you really want one of the original ones, pm me because I'd be tempted to sell you mine and upgrade. I travel a lot and the new case is smaller and more rugged and cooler looking so naturally I want one.
Gary