TJ, night and day, and you are making a good choice. The old FF was more "GO" like than formula. The old FF had a cruiser kind of feeling and I never felt that there was a top gear; the design brief at that point didnt call for one i guess. The old FF was so-so upwind, the new one with the right fin could give even formula boards a decent run for their money.
The new board rips, and its easy speed too. I'd say the new board beats it on all points of sail easily. Its a real breakthrough design in many ways, bringing all the advantages of formula boards but in an easy handling package.
One thing that is becoming apparent is the board can have quite a bit more performance squeezed out of it with a fin upgrade.
You may want to check the this thread for commments from some of the first owners locally:
http://www.bluefinz.com/cgi-bin/ultimatebb.cgi?ubb=get_topic;f=1;t=000292