First experience, I haven't tried the old one. Anyways, both things you say: excessively High output level, farty (and, as I said, doesn't have the "punch" especially on the lower notes. Too hollow)Can't tell from this thread if it is this NEW Rusty you are disliking compared to the old, or if this is your first experience with the circuit.
I used to have one. I was underwhelmed first time I heard it, but then it became one of my favorite (nearly) indispensable sounds. I was however frustrated by the excessive output level and some other quirks; have since sold it as I have developed my own circuit which I am happy with, but I digress...
I suggest to give it some more time. Be aware the EQ is BEFORE the clipping stages, so the typical post EQ such as boosting bass does not have the same effect and can make it sound farty. If you end up frustrated as I was, give the Darkglass Omicron a try; I thought it achieved a similar sound but with fewer quirks.
My drummer didn't like it either

