I picked this up at my local TRU the other day and since I saw a lot of people on the fence, I figured I'd give a bullet-points review of the toy that will hopefully help some people make a decision one way or another on it.
First of all, the paintjob is much more subdued than I thought it would be, but that's actually a good thing. It doesn't have the gaudy look of the 2004 OTC version, and the reddish-orange markings on the new version are done sparingly yet well. It truly looks like a "just off screen" version of the ship, but for all I know, it was actually present in the Battle of Endor.
The plastic is also much more "cream" colored when compared to the heavily distressed white/gray of the 2007 TRU exclusive version (the one which included the R5 droid and pilot, and the one I'm going to be comparing the new version to the most in this "review"). The new version has a lot more tan paint on the "cables" along the back sections of the ship (as opposed to the 2007 version, which just had a lot of gray brushing for wear, which I liked). There's not much, if any, brushing on the body of the new Y-Wing, which I think kind of hurts it a bit in the detail department. Still, the new version doesn't look bad, per se, it's just kind of unremarkable when put alongside the 2007 version.
The engines themselves are once again painted orange with "burn" details around the nacelles, although the orange is a bit brighter on the new version next to the 2007 version. Hasbro actually painted two gold lines on the Y-Wing's ion cannon turret atop the cockpit, which gives it a bit of character. The red/orange markings are in identical locations to the yellow on the 2007 version, but there is an added "distressed" panel of gray on the front right of the cockpit area which, again, gives it a little extra character in your fleet.
Mold wise, on the top of the ship, the most obvious difference in this modern version is the astromech droid slot. Right now I have a BAD R4 unit in the socket and he fits just fine. The slot is just big enough to secure him nicely, but not so tight that it feels like you're pushing him in to the point of breaking. For those fellow "flight testers" out there, I turned the ship upside down and the R4 BAD did not fall out, so there you go. Hasbro also filled in the two screw holes just to the back of the astromech droid section, so you not longer have visible screws on the top of the ship.
The new cockpit is very well done, with painted on displays and individual flight control sticks for each hand. The coolest thing (which I hadn't heard about prior to getting the ship) is the pull-out targeting computer to the right of the pilot's head (just like in the movie!). It's pretty secure when you don't have it pulled out, and fairly sturdy when extended. It can also be rotated 45% when you have it extended so your chosen pilot can make his ill fated trench run. Very nice detail to say the least, and very appreciated.
My main gripe with the Y-Wing continues to be the horribly designed landing gear. I was hoping that Hasbro would go the route of the CW Y-Wing and totally redo the design of the landing gear, but I was disappointed. They did make the front landing gear a separate piece not dependent upon the "tracked" system of the previous versions, but the rear gear still buckle and go back into the ship, unable to support its own weight. I thought at first that this had been fixed, as the rear gear kind of "clicked" (similar to the landing gear on General Grievous' Starfighter), but after a few seconds, even the click couldn't handle it, and my Y-Wing went to its belly on the coffee table.
The bomb dropping mechanism, by the way, still works the same as all the other versions, but the bomb is a single piece.
All in all, I'm not sorry I bought the new Y-Wing, but cockpit and astromech droid slot aside, it's not really an improvement on the 2007 TRU exclusive version, which cost the same and included two figures. If you're looking for something to fill out your Alliance fleet and give it a little variety, plus get the really cool box, I'd say go for it. If you're perfectly happy with your 2007 (or 2004, or 2000, or 1983) version, you can probably pass and not feel badly about doing so. Oh, and it was 39.99 plus tax at my TRU, so there you go.