Um..I actually saw the "Under New Management" first...before I knew ANYTHING about the attraction's history, story...etc...
At face value given the above, I enjoyed it very much...I was absolutely wowed by the show (but how many animatronic shows had I seen before that? Zero.)
So...here's my take on what was good/bad.
Good:
The biggest one for me...was the audio, the synchronization...and the selection of tunes...my favorite number being "In the Still of the Night" performed by the tiki totems...it just was cool. The audio of the more "modern" tracks does sound better...but hey, the originals were recorded quite a few years prior...so...no surprise...and I don't hold that against the original.
The lighting was more vibrant and colorful in the "Under New Management" version.
Uh-Oha...pretty awesome animatronic...I was kinda hoping they could find some way to stitch her into the classic since there's no fountain in the center of the room like the true original at DL. That didn't come to pass...and that's okay...I understand the reasons against...and I respect the decision to try to "replicate" the original for historical value/nostalgia reasons...
BAD:
Too much Iago...not enough Zazu...
Smelled like 90's humor and Eisner-isms...
For all the coolness of Uh-Oha...the song she sang sounded like crap.
The involvement of the original characters and animatronics seemed very marginalized and thin...they kind of became throw-away background noise/visualizations for the Iago/Zazu debacle that took place each show...
It kinda always felt (looking back now) like it could've been done far better and maybe with a lot of tweaks and cuts/additions may have been alright...
But for what it is all worth...I do feel some there are issues with the "restored" version as well...for starters...it's not complete (of course neither is the actual DL attraction anymore...) and it's been chopped down even further than the one at DL. There's no fountain sequence as they added at DL...(and I don't understand the reasons for it...a water fountain in the center of a room should be a simple upgrade!) and the show lighting and colors do seem muted...after seeing the restored original, I did feel kinda let down...I felt like there was a need for something...I dunno what...but it definitely didn't have the luster I thought it would...and now that the soundtrack is quiter, the noises of the internal workings of the birds has become much louder/noticeable...and it annoys me to no end...in this day and age, they ought to be able to come up with quieter animatronic figures... while still honoring the original...
But, versus so many other jacked up/half a**ed attractions they've screwed up, this one is fine...and I do still enjoy it every time I visit...I appreciate it for what it is...and I guess I'm grateful it's still there at all...
...once in a while I do miss the Under New Management version too...