Lets start with the flavor! As far as I'm concerned all of the flavors have improved. My two favorite WFHO flavors were always Chocolate and Vanilla Chai and that is still the case. They seem to be the same flavors, just a little sweeter with less bitterness. I also found the Berry enjoyable but I don't think I would ever want a whole tub of it. Natural was a little less putrid then it used to be but you'll never see me chugging on it after a workout.
Texture wise, Vega One is a revelation! WFHO always had a grainy, gritty texture but Vega One is super smooth. It's definitely more shake-like than it used to be. I'll probably never do it, but I imagine fruit and juice could be seamlessly integrated with Vega One. With the new flavor and texture I think that some of my friends who have been telling me that Vega tastes like crap will be converted.
The one complaint I have is that it seems Vega One is more expensive. According to my calculations per large jug, WFHO had 30 servings (according to the new serving size) and Vega One has 20. So you lose 10 servings but pay about the same price. While that won't keep me from buying it, I imagine some people might be upset. Is it because it's more expensive to produce than it was 5 years ago? Probably. High quality food isn't cheap as I'm sure you know -- you get what you pay for.
So bottom line is that I love Vega One. I feel that it's an improvement over WFHO and will make Vega accessible to more people. The flavor has been enhanced and the texture is smooth. The price increase will upset some but in the end, Vega is making a better product. Drink up!