OK guys, after calling around umpteen places I finally found a dealer with both bags. Here's the scoup...
They are twins, with the exception of a few little things.
The new bag had a nicer handle. The trim on top pocket on the old one had a leather strip with the harley logo, and the new one just has the bar 7 shield without the leather strip. The rain cover looked slightly different, bit still was in the the right pocket, with a tether. Then the old one came with a shoulder strap, and the new one does not, but is available for $14.95.
The only real difference was the mounting straps. The old ones had alot of adjustment, and had a connector on one end, and wrapped around the rack, and the other end had a clip that connected to the D-Ring. The new one had the one connector, but only a very short strap, with a loop in the end. The idea is, you wrap the loop around the rack, pull the connector through, then pull the connector up to the mating one on the bag. I tested it on a new std Ultra with the stock rack and it works fine. However, there wasn't much extra length, so I think I'm going to have a problem with my smaller contour rack that came on the Leather Tour-Packs in '06 & '07. The description says it works with all racks except the mini rack, but 53100-96, but I don't know.
The bottom line is, for those with the standard racks, definitely go with the new bag that's $30 cheaper. For all intents and purposes, it the exact same bag with a nicer handle. For those with the old bag, don't bother upgrading as it's essentially the same thing. I'll circle back after I test fit it on a '06 rack.