My cousin Dan must have had the original Modulok because growing up I always had half of his gun laying around. We recently got a collection that had an almost complete Modulok in there and when I saw all that was missing I was amazed to find that the half of his gun I held onto for years was exactly what was missing. Putting that piece of the gun with the rest of the figure was very satisfying.
I'm assuming the new figure is awesome, I have no idea. :)
(MotUC Modulok is part of our personal collection - the vintage figure is for sale in the store.)