"Interesting enough, the biggest complaint
on the original was the clip. I've not receive one complaint about the
clip since the redesign. I attribute this to the mic being more balanced.
Now the clip pivots on the mic's fulcrum point."[/QUOTE]

first let me say that i bought a vintage 421 (telefunken) and it was the best 300 i've ever spent on a mic. i compared it to the new ones and thought it was a little warmer.
but all in all, i think the main difference is the clip, and the vintage mics (white versions) have metal clips. the new versions have plastic clips. every new 421 i've ever seen on a gig is gaff taped to the clip.
do the math for yourself and pay the extra 100 at most for the vintage mic, and rest assured it won't fall of the mic clip.