I think Unless you get the tone module you give up the mixer and presets in the base of the L1. I agree I like the new base I just wish they could have improved it for the same price point. Even a couple of bucks more for the new tone module would be ok. But you really can't compare the original L1 with its built in mixer and presets to the new L1 without the tone module with just one Line-level analog input that accepts 1/4" TRS.
That's what I mean by giving up a lot one is a complete system the other needs either the tone module or a mixer.
Of course I could be wrong and maybe I'm speaking from the perspectives of do I find enough of a reason to upgrade from the original to the model II. If I was buying a system from scratch that might be different.