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The new blocks have significant improvements over the original blocks.
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They are "improved", but I wouldn't qualify that as a significant improvement. For 99% of those running one, the improvement's are meaningless. What can you do with a modern 427 block that you can't with an original block, that is "significant" to the average Cobra owner?
The cool factor and bragging rights are highly subjective depending on one's point of view. Some may well see an original side oiler as exceeding the "cool factor" and "bragging rights" of a Shelby. Other's see great value in the Shelby name. There is no right or wrong position on that issue, it is what it is.
If I may suggest some things you could with a modern block over an old one.
1. Save time and frustration looking for a nice original block. Buying new takes less energy and generally speaking is a better gaurentee of getting a good block the first time.
2. Build a stronger, higher horse power motor. To realize the benefit, new vs old, I think you would need to be approaching 900 to 1,000 horse power.
3. Run it at a higher rpm than an original block and expect it to live longer while doing so? #3 is kind of iffy, most folks are going to stroke the motor, often to the max, and a big strock and high rpm are not generally two compatible goals. More stroke, less rpm is the rule, a nice fit for a hydraulic roller cam.
4. Bigger bore, in some cases than is possible with an original block, within safe paramenters. Now THAT appeals to me! My prefered recipe is more bore, less stroke, higher rpm. High rpm rules out the hydraulic roller, due mostly to additional expense and ultimately just the limited rpm range of a hydraulic cam in general. A solid roller would not be my first choice for a "street" engine, so your left with a flat tappet as the most logical reasonably priced, street friendly cam choice. And it's pretty clear most folks have moved away from flat tappet (not me, I think they are an excellent choice for many reasons). The benefits of a flat tappet out weigh the negative aspects. So, that which remains is a low rpm, hydraulic roller cam, stroker motor. A recipe I'm not real excited about, new or old block, same same, no significant advantage...