I'll have listen to my original to compare, but I played the 45 rpm last night.
Overall, I think the new version is the one to have. There's no question that it's got much more bottom end going on. That being said, I think the improvements are much more prominent on certain songs, like "Secondhand News" and "The Chain".
And from what I can tell, there are many varying levels of quality on an "original", so one dude's 1977 pressing could sound like garbage compared to the Hoffman version.