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I can’t really say for sure how you yourself would hear it — but it is the exact same circuit — but with that said, I’m still entirely sure we’re going to hear endless debate on which one sounds better…

Scott, i understand that manufacturers never hear differences but I have been through about 10 Memory Man’s from the late 70s to today and I can hear sound differences. I’m no technician, I can only go by my ear and feel. To me the early versions and the early 90s re-issues are pretty identical. OK, the ones from the 70s are a bit noisier which I think could come from the internal powersupply and wall plug.
But essentially I agree here and think they are the same.

The big issue is that the delay time varies between literally every single unit. To my ears the ones with shorter delay times are the ones with cleaner sound and deeper modulation while ones with longer delay times (max delay time of 350ms and more) lose a bit of clarity. not much, just a little. All fine though.

Now the big tone difference comes with the most recent EH DMM re-issues (in the old enclosure, I haven’t had the chance of trying the small ones). The delay is very clear, almost too transparent and the modulation has lost tons of its warmth.
Usually I don’t care about the TrueBypass issue, I take it as it comes. There are the usual pro and con arguments but IMO where True Bypass should be optional is the DMM.
Not for tone but for the fact that many use the GAIN knob not on unity level. I for example turn the GAIN up to the point where the delay starts to add some grit to the tone. I love it and I know of many players using it in a similar fashion. The issue starts when engaging and disengaging the delay. When OFF my tone lowers and clears up when all I want is to switch off the delay. The only way around is to turn down the GAIN. Pretty sad – and makes you wonder why there’s a gain control in the first place.

It would be awesome to have True Bypass and non-True Bypass Memory Mans. Or in my case, I shopped for vintage models.

Other than that … best delay ever and I hope the DMM is going for another 30 years.