Hi Eric
If I did not have the new version I would still be using the old one as I was very happy with it anyway. I never had water leaking into mine and have been under many prolonged rainstorms and contrary to what other have said the TT silnylon is (for practical purposes) waterproof. Again I am convinced that misting is just from condensation. Wipe it and it will stop. It does for me.
During the first really heavy rainstorm (later hail storm) I noticed the pooling of water at the foot end (at least two liters sitting there...) that is when I first use the rear mid-pole (my trekking pole then, a pole section now,less than 1oz)

Since I have had the Contrail my Rainbow (that I like a lot) remains at home most of the times. Occasionally I camp in my backyard just to use one of the other tents. (8 at the moment)

In Nepal the three Sherpas we had with us ( not the porters...) could not believe that the Contrail was going to be my shelter. They literally stood there looking at it trying to work out what it was. It performed beautify.

I'll let HS answer the technical bits.