It's the same game. The update just fixes scoring for some bob modes and the multiballs. The rest of the updates won't be enough to sway you in the other direction (better phone graphics, new multiball mode, better sounds when pop bumpers upgrade, etc).
Your very first drawback is "the theme wasn't doing it for me". The theme is the same.
I love the game. I have it rated as my #1 of all time. To me, the theme is the creapiest one I've ever played. It's bright and cheery... or is it? Dialed In Electronics...... D.I.E.! The illuminati is used all over the place. The mysterious laugh when you drain a multiball and the disguised voices when talking to the enemy so they can hide their identity. The city is being destroyed so badly that you KNOW people are dying in the background.
But if you're not getting immersed in the story like I am, there's no way a new update is going to change anything for you personally.