It's not really the same model. It just has the same name.
That said, while some versions of the 94 did sink to near-junk quality before Winchester closed the factory, many guns were great.
The early post-64 Model 70s were completely different guns from the pre-64's. However, more recently, Winchester introduced "classic" models, etc. So it's a mixed bag.
Still, the rifle world hasn't stood still since 1964, and there are lots of guns out there besides the Winchester and Remington bolties. And some some truck guys are still sitting around arguing "Ford vs. Chevy" while the Dodges and Toyotas drive by, their drivers wondering what the hell the hubbub is about.
That said, AFAIK old man Olin died in the early '60s. He'd long subsidized money-losing Winchester Guns with the profits of Winchester Ammo. He liked nice guns personally, and he believed in what's called "branding" now: people who associated Winchester with their top-quality guns would buy more Winchester ammo. The younger generation was of the "college boy bean-counter" school, and figured that they could make Winchester Guns profitable, to hell with nice guns. The big shift happened in 1964, and affected the wood, the designs, the parts, everything.
Ultimately, they unloaded Winchester Guns altogether. They make money by letting others use the name Winchester, which they still own. Same goes for those cheap knives at Wal Mart, etc.
Correct me if I'm wrong, but AFAIK it went something like that.