Agneepath (2012) was vast improvement over Agneepath (1990) in my opinion.
Agneepath is a cult classic no doubt but there are many problems with the film. Firstly, Amitabh looked too aged and his voice experiment was a total disaster. Hrithik Roshan played a middle aged man far convicningly without altering his voice.
Second, the character of Mithun Chakraborty was caricaturish and it adds nothing to the film in terms of narrative. Plus his South Indian accent was all over the place. New Agneepath did away with the character and added some new characters not in the original Agneepath like Rauf Lala played by Rishi Kapoor who became the highlight of the film.
Third was music. The music of old Agneepath was pretty ordinary with no standout songs. Kisko tha pata is hummable but other songs were passable at best. New Agneepath had brilliant soundtrack with songs like Abhi Mujhme Kahin, Saiyyan, Gun Guna re, Chikni Chameli etc.
The casting was appropriate in the new Agneepath with actors playing age appropriate roles. It was a bit of sore to see 42 year old Rohini Hattangadi playing the mother of 48 years old Bachchan. Also Neelam was cast to have a romantic subplot with Mithun. The new film made her character a school going girl and it helped well with the proceedings. Similarly Madhavi had previous little to do in Agneepath while Priyanka Chopra had a more defined role in the film.
One thing I like about the old Agneepath was that it was dark and gritty and had wonderful dialogues. But otherwise I consider the new Agneepath as the better film.