Better in every respect. More power, more torque, lighter, more agile, riding modes, decent adjustable suspension, cruise control, hill hold, heated grips, relaxed riding position, what's not to like? Old vs. new:
2005
Comparing H-D to Gen 1's yes. I agree with your premise.
Comparing Gen1' to Gen 2's no. Considering only Rockets, the Gen 2 is better than the Gen 1. I put thousands of miles on my Gen 1 and it was a great bike, no question. The Gen 2 version just does things a bit better in almost every category where the Gen 1 thrived. It has the added advantage of being lighter too.