As Bob says, the "newer" one is not as potent as the original. I made a reproduction of the D-265 layout some years back and we gave it away in a subscription drive.
For those of you who might not know, the "D" series department store layouts was something Lionel used to do during the '50s to promote the Lionel products during the Christmas season. For that one, I used the "newer" one recently produced by Lionel.
It has a little more pizzazz than the original as it also has a smoke unit that leaves clouds of imitation liquid oxygen around the launch base. And as Bob points out, the rocket goes up about four feet.
I also have a mint condition original postwar rocket launcher, which will plant the tip of the rocket in the ceiling tile! True, I can "de-tune" it, but I think I don't want to. It launches so fast and so abruptly that it rally takes your breath away. And, it also has no smoke generator associated with it, of course.
I just can't help it, I'm a big one for detail and scale appearing trains, but there is just something so neat about the best of Lionel's "toy stuff" accessories. The Lionel Rocket Launcher definitely falls in that category.