I have to say I'm with the old one, it's just a bit more elegant.
1) The red seamaster letters seem a bit too much to me, if you know what a seamaster is / means as a watch, you will also know without the name in red being so overly shown.
2) I like the old's omega logo better, definetley because the seamaster letters are now also in the upper half, making it a bit more 'crammed'
3) The waves are also quite visible, like the subtle waves of the old one.
That said, If the old SMP's were sold out I wouldn't have trouble buying a new SMP, because it still looks great.