Well, I haven't really smelled the old formulation. I'm sure it was better in the minds of many. While I'm certainly a frag head, I'm not as discerning as most in that regard. Now had I bought and worn the original, maybe I'd have a different opinion.
I do have the new formulation and to me, it's a fine scent. Very unlike any contemporary designer offerings. For me, it lives in a place of manly elegance not unlike Vintage Tabarome. Sort of a masculine "perfume" to in the same vein as The vaunted Patou Pour Homme.
Can be a bit hard to find, but it is out there. I've noticed with a lot of Guerlain scents, you have to go to the women's Guerlain counter to find them, which probably doesn't help sales. The Saks here in Bev Hills is where I got it, but the guys at the men's frag counter had never heard of it or Habit Rouge. Both were kept with the women's scents. The only Guerlain available in the men's section was Vetiver.
I find it interesting and admirable that Guerlain resurrected this one. Yet they don't seem to push it much. It's a high end scent, and perhaps the practical reality is that though Guerlain is more or less a "designer" scent house, Derby is nonetheless kind of "niche."