I would go with whatever the intentions people like Manny Coto and Mike Sussman intended the ship to look like beyond the fourth season. So say if they said the ship was going to be upgraded from the beginning of Season 5 then that's what I would go with. That's what I think it looked like in the Romulan War.
I don't particularly like the upgrade. I think for me it feels like the equivalent to how the Enterprise-D looked in the future of "All Good Things..." and if that version of the ship went to live in the Starfleet Museum. It's a little odd to me that it existed to us for 4 years in one form in adventures we saw but then existed in over 200 years in a form we never really saw. But maybe if it had actually appeared onscreen for Seasons 5, 6, and 7 I would have a different opinion. And I'm not fond of the offscreen stasis/status quo of people or objects, so maybe it's fitting.