Depends on what you mean by "as good."
Do the new Pythons get the same amount of hand fitting as the old school Pythons? No.
Do the new Pythons work well? Yes. I own both (a 1970 Python and a new Python with a 4" barrel), and I actually prefer the new one to the old one.
Are the old Pythons as easy to work on as the new ones? No. There are very few gunsmiths left that really know what they're doing with an old Python. The new Python benefits from a plentiful parts supply, and you can always send it back to Colt to make it right.
Do the new Pythons have the collectors appeal that the old ones do? No. The new ones are essentially mass-produced guns. Colt does a nice job of them, but the number of new Pythons will only keep going up for a while, while the number of old Pythons will only keep dropping.
So, if you're looking for a collector / investment grade gun, I'd look for an old Python. If you're looking for something to take out to the range and enjoy, then I'd look for a new Python.
Mike