The male voice is a definite and huge step down from the previous one, no contest either. The current female vocals are also a mixed bag, thought for different reasons.
I think the new lady technically has a superior voice to the previous lady, but the style she chooses (or was directed) to sing the song in is grating at parts. She does a ton of short and abrupt pitch shifting. Generally what you would hear in modern pop, country or R&B. While that may work for those types of genres, it doesn't sound particularly good with Golden Dream. Nor does it harmonize well with the already weak voice of the guy (in fact they don't harmonize as well in general compared to the previous duo). When the new lady holds a note properly and sings in a more traditional style fitting of the melody, I can tell she has a very good voice. But a lot of parts (particularly at the beginning) are grating due to the style she sings it in.
The melody itself isn't arranged as well as before either. Particularly the buildup and high points. The climax just doesn't have the same impact as before.
I will however note that the portion of the Golden Dream melody used at the very end of the show is still impactful and well done. You don't hear it in that recording above, it occurs after that part atop the Statue of Liberty at curtain close. They still use a chorus for that, the show and original song still ends with a proper and beautiful bang.
