Well, no offense Jake and mangust, but i really prefer the original, by quite a way. Aggressive forms, yeah, but that's kinda overdone, and how often would an aggressive space fighter be painted yellow?? I love the original and its retro-submarine-ish look. The jet engines look sorta bolted on to the back, which I like because it adds character to the craft, and it fits with the dents by the edges of the wings.
About the only thing I'd like to see different is the jet flames, and the strange AA going on at the edge of the left wing and around the back of the cockpit thingy. It looks jaggy. And the flames oughta be a bit bigger and less matchstick-like I think. Something along the line of Jake's edit, but not quite so pointy. Blue might be a good color since it contrasts with the yellow and red of the ship itself.