I've not tried the older version, but locking knives and non-locking drivers just seems totally backwards to me. My vote goes to the newer version
I too think the old Wave had something going on. As Paul says, the size was right and I found the flat drivers useful plus the scissors were really good. But, I can understand the thinking behind the new model with the versatile bit driver even if it has it's limitations too. All multis are subject to compromise
New Wave. I don't need a handle full of flat drivers.