Smartphone can have any number of metronome and tuner apps (true, tuning bass with app is worse), and there are apps to slow down / change pitch etc. And on smartphone you can just download a file and work on it, no steps to put files on card.
Old gizmo had a stereo microphone option, which is a killer feature for band practices for bassist, because recording on any phone gives low farts or nothing at all to listen to afterwards. Don't know why they had not added it here. And then I guess it is possible to record and slow down to let everybody hear a flam / wrong note; or pitch shift to try a different key.
This thing has instrument "in" instead of microphones, and overdub mode, but I guess it is not needed much for bassists, maybe for bassist / singers (but how to record voice then?). After playing and recording bass line, what, play it over again on overdub? Maybe if there are different effects, but I see no effects listed.
IMO old gizmo was a better tool, with music and practice / rehearsal in mind, new one is "feature-rich" but features are just lines on advertisement, and can be had for less money in different arrangements.
Edit: see effects; well, overdub makes more sense then.