I can't dissect them, because I only have the new one, but if you do some research you will see that the new and the old are often favorably compared.
It is nearly impossible to find the older version outside of eBay.
I've been wearing the new formula for the past year and it has become one of my favorites. It's very much in the manner of Miss Dior, with the soft rose/iris of Chanel No. 19. Overall, III is a muted chypre scent that doesn't contain the sharpness of many green scents. Everything is done in very soft focus and notes are draped over one another rather than cut into acute angles. It has just the right balance of greenery and sweetness and no one note presents assertively. Although the term "soapy" is often applied to greens, it isn't the case with III. The classic chypre base is muted into a suede, rather than having the shagginess that some chypre bases contain.