I'm not going to argue that the makeup used in the episode was great, it wasn't. I don't think it was terrible but it was certainly lacking. (I thought the old-age makeup used in "Too Short a Season" was far worse, however.) Jut that the original old-age look wasn't far enough to depict a 137-year-old man where they essentially took Kelly and added some slightly grayer hair and some wrinkles. The old-age makeup in the TOS episode is very good, and the old-age makeup used on Pulaski in "Unnatural Selection" was decent, but, yeah, the makeup in EaF wasn't great.
Still, that McCoy looks more like a 137-year-old man than the original test makeup.
Look at the pictures, I also sort of think the difference is less about the makeup and more about the lighting used. The corridor scene is way overlit and makes the makeup look poor, the TOS scene seems to have much more natural and subdued levels of lighting, making things look better.