The update has everything from the original re-jiggered to add more points, but there's more of a "legacy" feel to the thing, now, as the casts Ford depended on have dwindled—Ford was still alive during the first version—and so the next generation who grew up and learned their craft sitting in the theater watching Ford's images talk about "what John Ford means to me." Also, as the man is gone now, there's a bit more psychological analysis and more delving into the man's irascible personality, already on full display in his interview.
That aside (and it's my quibble, really), it's an invaluable first toe-dip into the films of Ford, and enriches the experience and appreciation of every film of his seen afterwards. One thing Bogdanovich did right (besides getting Turner Classic Movies to bank-roll it, so more people would see it, the various clips from many sources being very expensive) is he kept the original's essential narration by Orson Welles, Ford fan and student. The voices and faces and memories out of the past have as much weight and bearing as the films do, reverberating throughout history and time, feeling immortal and universal.