What newfrontier45 said. That said, I have and enjoy two of your (OP) model..as well as a trio of New Vaqueros. No, bigger/heavier in the case of the old/original Vaquero doesn't equate to "better" just different in most areas--"better" obviously in its magnum capability--IF you "need" it--and "worse" in others, chiefly the aforementioned heft. In addition to the newer model's more compact SAA-like size/weight, the smaller NV/midframe flattops also have a "reverse indexing pawl" that stops each cylinder chamber (charge hole) precisely for loading/ejecting. Also, the newer, smaller model is built with a cylinder boring process that insures more precise alignment of the boring(s) and greater/more consistent shot accuracy.
More subjective are the two grip styles--your larger "XR3-Red" grip frame versus the newer gun's slimmer and differently contoured "XR3" gripframe, closer in overall profile (viewed from the side) to that of the Colt SAA. I do ok with both. Even though I'm small of hand--especially compared to the rest of me!--and generally find the newer model's gripframe more my liking, the factory grips are a little slim and uncontoured for my tastes...but the old Vaquero's XR3-Red a bit chunky (unless equipped with slimmer panels). So, my ideal is somewhere inbetween the two, like a Colt factory set up. In othr words, selection of grip panels on either frame cures most issues.