I have used both. The LIL Tusk, I didnt particularly care for. Not that anything was wrong with it, just personal taste. I have 2 Tusk's though and they are both great. I never carry any other fixed blade when I go backpacking. Its done everything I needed it to do, from food prep, preparing kindling, knotching tent pegs, cutting cord, stripping cedar bark, and Im confident that I would do just fine in a situation if it was the only knife I had with me.
Not to mention they are razor sharp and easy to maintain. The 2007 edition come with a squared off spine to strike a firesteel and a more contoured handle, but I love my original one just as much. Oh did I mention I love the TUSK. And I think it stands for Totally Useful Small Knife.