Exactly my feelings-reason I asked. While a Proraso newbie, I used the old formula this morning and definitely prefer that menthol blast which I could feel for a good hr afterwards. I've been comparing the two this week-the new version hardly does that. Haha I just started using Proraso splashes this week and I've already stashed(hoarded) a backup bottle of the old stuff - I like it that much. The new formula one might have a slightly, cleaner, fresher, less medicinal smell though, but it's subtle.
I am sure there will be some that prefer the "improved" version but I am sticking with the old and trusted one as long as I can.