Up until two weeks ago, I hadn't played since Feb 2003 (pre AHII?). Here's my take.
There is something missing from the current set-up - the maps seem small and claustraphobic. Maybe nostalgia is creeping in, but I remember the huge bombing missions that would be posted (Ripsnort was one flyer who used to post them) and there seemed to be more cooperation.
The level of maturity on on Channel 200 seems to be much lower than my recollections of Channel 1 offer in comparison. This seems to be the case on Channel 2 also, but to a lesser extent. I've now switched off Channel 200 (which is the default setting - the reasons for which are quite obvious to me now).
For me personally, it's a shame the squads I remember have disappeared - but I guess time moves on and there are now new squads to take their place.
I've had mixed feelings about AHII as it stands currently. The new skin system, improved graphics etc are great. But I think the lack of maps is a real negative compared to the AH I remember. I would also like to see larger numbers in the arenas again - the numbers I remember were nothing like 700 IIRC, but still its better than the 200 I see now.