cazalea[Seiko Moderator]
20798
A look at the movements
No cap jewels on the escape wheel, no "manual" adjustment
Escape wheel cap jewels and shock absorption, adjustment on balance (but lots of weights on heavy balance wheel)

As for why change it? I think of a comparison with fountain pens and ball point pens. Lots of reasons why a ball point MAY be better in various circumstances. Then along came the roller ball pen. Then the razor point, then the felt tip, Sharpie marker, etc etc.
I'll bet the newer version parts count is down by 30-40 and the reliability is better if not just equal. It certainly looks cleaner and more elegant to me, though you rarely can see a Reverso movement.
Those are my thoughts; yours may vary.
Cazalea
PS lousy photos from JLCs I have serviced