The new sheath is comparable to the sheaths that they are now using with the others, 7, 9, 4, etc...
Here are the sheaths that Kabar has made in order of production:
Gen I Kydex
Gen II Injection Molded Glass Impregnated Nylon
Gen III Cordura Nylon
If you are into that kind of sheath it is nicely made, but personally I don't see anything wrong that a very minimal amount of effort cannot fix with the stock injection molded sheath. To each their own though.