Old design:
New design:
The only obvious anatomical difference is that now the left hand is gone, and is completely replaced by tentacles. But the head itself, even though are meant to be squid-like, is quite different: the original was, precisely, squid-
like, but it didn't really look like an actual squid, it had no eyes, and the tentacles were attached around the mouth pointing sideways, almost backwards. The new one looks a lot more like a real squid stuck on a human body, plus possibly additional random tentacles protruding in all directions from the neck.
For further analysis of why I think this is, see the Maneater.