Dickie, I think the masculinity issue is just with the species. I haven't found ANY version of the telenine that isn't masculine.
Kelpie, I don't think the art is 'better' on this one...it's just a different style, there is absolutely nothing wrong with the current telenine, except, maybe, the lines look a little thin compared to newer pets.
Eh.. I like the pose but it seems.. shiny.. the shading looks off to me.. kinda like its a toy or something instead of a pet.
Old. The old one should just be relined and maybe reshaded...this one looks too masculine and the spikes look like they're abot to fall off :/
It's been suggested several times. Several times. Personally, I think the whole point of a revamp is to get the art better, not give people the option of keeping the old stuff...
Besides, what if you have a DarkMatter Telenine, and it gets revamped. So you buy a Classic Potion, and give it to your telenine. You're only going to get the old common, not the darkmatter. We can't make a Classic for each color of pet...
whistles Wow... This makes me actually want to get one.
You know what would kick butt?... A "Classic" potion. One were users can transform their pets back to their basic common color...
ye I agree
Oh god... this will be a hard one.
Though it's undoubtably an improvement on the old Telenine, and for that reason I will be voting for the revamp, I do see some slight anatomy issues. D:

The muscle definition of the back legs suggests that the hips are actually lower than the spine, though that could easily be corrected by taking away that dark shadow line in the gap.
The only other thing that niggles me a little bit is the little spike of fur under the tummy - the body's already looking very stocky and rectangular, and I don't really think personally that the little spike helps. Even if the point after the spike were brought up a little (to make the chest deeper than the back end, as is typical with most predatory types) I think it'd help. ^^;;
Of course, this is just my opinion. I'm still going to vote new, so feel free to ignore me.