I have to say I prefer the newer bags. Mostly because my favorite styles are the day and mini bowling. The day wasn't started until spring of 05 and I don't like most of the colors from that season. The two exceptions being dolma green and turquoise.
I did own a lilac 04 city and I currently own a black day from spring of 05 and I honestly don't see much of a difference between them and newer bags with nicer leather. In fact, I like the leather on my bordeaux better than both of those bags. Same with my sandstone city. Maybe its because I love the gloss - it just makes the colors pop!
I'm not much of a pink, purple, yellow or orange bag kinda gal so maybe that's why I'm not crazy over the old colors. Give me red, blue, green, tan, brown, grey and I'm happy.