Going back to the title of this thread, I think Lionel has, in this case, done a good job with this loco. They found problems with the original K-Line molds (or at least that is what was stated), and, instead of doing the worst and cancelling it, they totally retooled it. This is what I heard when I watched the Lionel steam update video. It adds many details that were not there in the original and for the same price.
Should they have addressed this with the customers sooner? I believe yes.
Will it make everyone happy? No.
Will it please those who want more accuracy? Not fully.
At the same time, it makes the loco much better looking, a bit more prototypical, and sets a foundation for future models with new tooling.
Will I buy one of these engines? At the moment, no, but only because it isn’t in the more modern timeframe I model. Though I am sure that this engine will make many people happy now that they see they are getting a better model and have a definitive time frame.