I have the new version. I never had the old version, nor did I have any experience with it, but I did see several videos and read several reviews that documented the felt falling off. And, there was something about that silver aluminum underside that rubbed me the wrong way, especially on a black-out package truck. Because of that, I almost bought a different cover. But then I saw this new version advertised and it seemed like they fixed the issues I was concerned about. I don't think I've had this cover even a month, so obviously I can't speak to longevity. I've barely used it! It doesn't have the felt, but instead uses a plastic/rubber-like material on the underside. I don't think that will fall down, but whether or not it will become deformed over time with all the heat, etc., who knows. The cover rolls up nice. The strap receivers are much simpler and improved over the old "clip" design, IMHO. The cover installed super easy. It does look great, and overall has worked well thus far. Not 100% waterproof up near the cab, depending on how the truck is sitting and how much it's raining, but pretty close, and good enough for me. I saw a little bit of rain drip in. I think it found its way in around the forward mounting hardware. It's not enough for me to even troubleshoot. The only complaints I have were that some of the cut edges on the rear end of the top rails were rough, and unpainted - like they were trimmed after being coated. And they weren't clean cuts. A metal file and 20 seconds took care of the roughness, but I was a little surprised at all the attention to detail on this design, yet unfinished cuts. Barely noticeable to anyone except the person that installed it. So far, I am very pleased with it.