To my nose, it's not exactly the same as old Shulton, but that could be due to the deteriation of my vintage bottles. It's definitely close though, and very nice if you like old Old Spice. Is it better than modern P&G OS? Depends. I actually don't mind P&G OS and wear it often, it just lacks some of the spice of the original, and some of the "coca cola" note which tempers out the vanilla. This is why I think the P&G is a little too sweet. It's also more powdery, but I quite like powder, so.... The Indian version has better longevity than the Shulton, but then again, it's not really fair to compare a fresh bottle with a 20+ year old one.
Also, sniff about the "dollar store" OS copies. Some of them are remarkably similar to Shulton OS. Look for any bottles with a nautical or spicy theme or title and see what grabs you.