With the socket base 'buried' inside the guitar the leverage on the wood screw is substantially reduced. The two positive benefits of this are less strain on the small diameter wood screw and the whole strap button assembly just looks a whole lot slicker sitting closer to the guitar, instead of out on a limb with the traditional version.
If one has to find a negative, you could say that the old version allowed the strap button to be used with a normal 'hole-in-the-leather' strap, whereas this one always has to use the male Straplok attachment.
But as I never don't use a straplok'ed strap, this does not register as a disadvantage with me.