I never used the old formulas of either, but I do have a gallon of each of the new formulas.
Since I'm not sure what the old formula Protectant Plus smelled like, I can't compare. However, I like the scent of the new formula. As budman3 said, it does remind me of #40. As far as the performance, I love Protectant Plus. As Anothony said, it has a very low sheen. This is a big factor for me as I am very picky about the products that I use in my business. Another great thing about Protectant Plus is that it doesn't have that greasy feel to it. Like the description says, it's very "silky" to the touch. Hard to explain, but I like it.
As for the Tire Shine, again I have never used the old formula but I like the new formula. It has a nice sheen to it and since it's water-based, no greasy feeling on your hands. After washing, I spray each tire and let sit for 10-15 minutes. This allows the tire shine to soak into the rubber. I then go back with a dedicated MF towel and swipe the whole tire. Wiping it down with a dedicated MF towel gives it a nice even look.
I've used a number of interior and tire dressings and these two are my favorites. This is why I've chosen to use them on my customers vehicles.