for our trip earlier this month.
My kids are 7.5 and almost 3. The little one liked having him in the stroller with him, the older one really enjoyed hearing the jokes all the time. I have to admit, while home, I thought "gee, he doesn't speak too quietly, I can hear him just fine," but at the parks, with all the ambient noise, I have to say it was pretty hard to hear what he was saying. He will start to shake and giggle if he has something to tell you and you squeeze his hand, but you have to put him really close to your ear to hear.
The new PM is said to have a louder voice for easier hearing. Also, he has a lanyard to hang him from, rather than a belt clip (which dh put on the night before we left and ds#2 lost in the minivan before we even got to the parking lot at the airport). We did fine with him in the stroller, but some people might be worried that he would fall out and be lost forever.
You can also change his clothes on the new one, but I don't really care about that. My kids don't know the difference and frankly, I was fine not spending the extra money. He downloads the same info every time you come into the parks so that is not a problem.