CJ 74,
I thought mine was a laminate as well, but a friend of mine who has much more experience working with wood says it's just straight birch. Mine is a very recent production from the Mayfield, KY plant. In any case, he swore up and down it was real wood because you could see the end-grain at the front of the stock.
Anyway I've had a couple of issues with the new one I had, but mostly just comes down to the ejector wire. The LSHO lever did break, not really sure why... But I sent it out for warranty and it seems good now.
The older ones are better built... Thicker metal used on the frame assembly, and the contours and wood work on the stock is nicer. I think the way you disassemble the new ones is a lot more convenient though. The new ones you just take two screws out, and then you can remove the action by pushing out the pin that secures it--the older ones, the action is secured by screws.
In any case both guns perform equally well. I like the LSHO feature, but having the extra shots is nice too. I don't really see the big deal about plastic parts, but the trigger guard is not really flimsy or anything from what I've seen--also maybe it's just from the wear on the older one, but I felt like there was less "slop" in the trigger pull of the new one.
They also updgraded the feed-throat design from the old ones. The older ones are two-pieces and can start coming apart after a few thousand rounds--from what I've heard. Mine is pre-owned from 1976 and has the two-piece feed throat, and I don't notice anything like that--no idea how many shots were taken through it before I got it though
The old ones are still a pretty sweet deal because you can get them so cheap, but they're strictly DIY affairs and you might have to spend money to replace parts. New ones you get a 5 year warranty. Otherwise I'd say they're basically the same in terms of how well they shoot.