I think that may be old info, the new site indicates they have started brewing with the old formula in 2007. Hell I don't know, maybe it's like Candy says, colored water adn tastes like "animal beer" 
Noticed the 2003 date on that link so searched some more & found this:
http://worldbeer.info/beer.php?beer=21"Type of Beer- Pilsner.
Joseph Schlitz Brewing Company of Milwaukee, Wisconsin, San Antonio, Texas.
They call it 'the beer that made Milwaukee famous.' But they claim to be from the heart of Texas. Whatever. It's a thinly flavored beer with a slightly different taste. It looks good but that's all sizzle and no steak. We give Schlitz a 2.0."
Recall somebody telling me it's now brewed in San Antonio, at the old Pearl Brewery location. Not sure on who bought Pearl?