Mmmm.....There are some good things about the new model as well as some bad things. Things that could easily be fixed. (I love pictures, be prepared!)
First off, the new black bear looks more in color to a real black bear than the original. The new one is more of a cocoa brown or dark coffee than really the black of a MALE black bear. The color is more uniform to the color of FEMALE black bears.
For the most part, black bears take on browner coats during the summer (the sun drawing out the color) while they take on blacker coats in the winter. Females and young bears tend to be more brown than males, who tend to be the lush black. (also depending on where they live affects their coat too, and females can come in just as lush a black too, there's a lot of factors that mix in)
But that's if we're talking about making it as similar to the actual black bear. Put up against the original texture, it's a brown vs a gray base. While the new one is a little more towards the true color of a black bear, but it's definitely NOT what we're use to. The highlights are a bit odd, but bear fur, like most all animal fur, has a shiny luster to each hair, which makes a jagged particular texture that's very hard to get without using full out hair mechanics ((I.E: loading animals with fur effects, something that eats up a ton of loading power and whatnot). So for what they did on a flat surface, they did very similar to what they did with the wolf coats for the WoD wolves/worgs. I like the flicks and such to give a sense of more fur, but I don't like the odd beard they gave them. Bears don't have beards, muzzle hair on bears tends to be short to allow for more sensitivity and whisker sensation.
On the subject of the muzzle, it's a little overexaggerated in length, making the bear almost look like they made a worgen face on it (the male one, not the chihuahua female face). Ursine creatures tend to have the middle length snout between canids and felids, with canids having the longer snouts and felids having the shorter. Note distance between eye socket and nasal cavity.

Grey Wolf skull

Black Bear skull

Cougar skull
In the new version, the nose is too long and there is too much of a hump that isn't given a good reason, as the new model isn't snarling to the extent of the original model. Lets talk about the snarl.
The original model's snarl is way too exaggerated, when bears snarl, they don't show THAT much of their gums as say a dog does. This is what a bear's typical snarl looks like.
And bears don't really snarl that much in the first place and don't growl at all, they typically moan, whine, snort, clack their teeth, stomp their feet, pant, huff, and roar. When they show their teeth, it's usually during the clacking of their teeth, and just before they open their mouths to roar or moan. So the original design was more canine in design. But I'll give them the benefit of the doubt because they wanted to make them look scary with out having their mouths hanging open all the time, (since they do the same for the wolves, who do snarl and growl but not constantly XD)
The newer model is closer to what a 'snarl' on a bear might be, but with the over-done hump of cartilage on the nose, it makes a very odd shape.
Generally the new body is nice EXCEPT for that back.
While the original model has their fronts lowered down, the spine wasn't in a very odd 'U' shape, it was still straight. This new model has given the bears lumbar lordosis, which means their spines are terribly messed up in the lumber portion, OR they're assuming the mating position (called lordosis behavior that females take on for males to mount them.) All in all, it makes a very odd spinal disconnect which makes the animal look more painful than it should.
In general, to fix the model, pull up the back to a more straightened spine, lower the hump on the nose, shorten the muzzle some, and personally I'd like the beard off but I can take it if the other fixes are applied.