It is slightly different. Remember that the New Improved was designed for use with the original thicker blades. That said, they are radically different in design than the Old types with the flat guard plate which causes the blade to be lifted off the surface of the combs. They work extremely well with modern blades. Until I discovered the NEW DeLuxe the New Improved was my favorite razor.
See the Three Piece Gillette link in my sig for more comparison.