I dunno, I always kinda preferred the newer version of the song. I think it helped to signal the change of course the series underwent in the third season. At least it didn't sound as out of place as the weird sped-up version of the DS9 theme from season 4 onwards.
The problem is they made the music more pop when they should have made it less pop. They did take away the 80s power drums, screaming guitar and some of the backing vocals, and add some extra strings, but they also added percussion and made the guitar part more jangly and perky, and some of those new strings sounded rather "synthy".