When compared, the Chinese tool is very well made, appearance wise. It is smooth, polished, and has a rubber grip on the handle end. The old Craftsman is a rough, all metal, "ugly stick."
There is a notable difference in design philosophy, however. The new Chinese design is cylinderical of uniform section from the drive end to the handle. In contrast, the Craftsman is a tapered "I" beam, being of larger section at the drive end and narrowing until the handle where the forging has been flattened to form a suitable handle. It is clear that the American-made Craftsman was more intelligently designed for function. Its tapered I-beam configuration provides a higher strength-to-weight ratio due its more efficient use of material than is the case of a plain cylinder. Obviously the designer of the Craftsman flex handle took into consideration direction and magnitude of applied force and used formulae to calculate the optimum shape. The Chinese tool is less elegantly designed, though better executed in fabrication.
The point of this post is Americans are no dummies and the Chinese are not supermen. If you are shopping for price, pick the Chinese stuff; otherwise, you are better buying American-made goods.