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"Terrible" is an exaggeration. The main difference is that the newer ones have a stepped grind-adjustment mechanism, whereas on the old ones it's continuous - ie. just a screw that tightens rather than moving in steps. I'd have thought that you'd be able to get the old ones for slightly less too, since I've seen several go for £30-40 on ebay, whereas the retail price for the new ones last I checked was £49 for the cheapest model and they went up to the high 80s.