Heck of a lot better than before.
Hard to see from street level but there are flame's shooting up from all over the lake now, not just in front of the volcano. They move in time to the beat (if you are in one of the rooms above the volcano you'll see it).
The volcano itself has been adjusted to have red flowing lava (appearance only, not real lava) in the rocks and the flames coming from the top are much more extravagant with a huge flame at the end that feels and sounds like a dragon (frickin' awesome!).
There is NO reason not to see this. Start at the Bellagio with the fountain, hit here on the way to TI for the Siren show, then over to Wynn for its show: 4 Free shows and a little exercise to boot!