I don't have the original LW, but I can guarantee you that when I used the new version (I was the first person to open the tester, so you better believe I slathered that all over my mouth), it doesn't read as having any shimmer at all. It just was super duper smooth, creamy, opaque and yet not thick or chalky looking. It didn't lean pink at all, but the bluish cast was more of an undertone in the color mix that gave off a rich glow, rather than blue shimmer or opalescence, etc.
On my reddish lips, it looked like a softer, creamier Blooming Lovely with less red and less grey, and a touch lighter and bluer. Like I was saying, now I see what the hype was all about. The texture on this new batch is particularly spectacular. Most of my cremesheens don't behave nearly as well, by far.
EDIT: I just saw Temptalia's review. All I can say is, it SERIOUSLY does not look that pink on me - not by a long shot. Also it reads WAAAAAAAY more lavender blue on me than Budding Love did, by far. Plus Budding Love was in no way as smooth, creamy and excellent a Cremesheen formula as this new LW.
I can understand if people have the old version and don't want to go through the bother of getting a BU, or folks who already have tons of lavender lipsticks and are trying to save money and hassle on just adding another one untested to their collection, but as someone who is picky about lavender and looks crappy in most pale pinks, I'm really impressed with this one and am backing it up. It immediately went to the front of my lavender love lipstick pile.