The first few ingredients of the new formula are the same but the rest are totally different. The new gel is less... jelly-like? It's smoother (like pudding), if that makes sense, rather than sticky like grape jelly, or something. I find that it doesn't give quite as much crunch or hold as the old formula. (Must be the more prominent protein. My hair doesn't do proteins.)
I, personally, don't like the new gel, and am heartbroken because BRHG was a holy grail product for me.