The new M66 has a two piece barrel, and the actual barrel has thicker walls and no cut off under the forcing cone than the old M66's. As far as old versus new, I prefer the new, even if I have to "put up" with the IL. I like MIM and the pinned front sights. I don't like red ramp front blades. And, I especially didn't like the idea of the cut off on the bottom of the barrel. I like two piece barrels, no over cranked barrels. I think the two piece barrel design was the reason that S&W started manufacturing K frame magnum's again. The 66 snub has a quarter inch longer barrel and 0.6 oz less weight than the 686 snub. The 686 is 7 shots and the 66 is a true six shooter. The winner here depends on the likes of the shooter. The 66 has a bead blasted finish. the 686 has a standard S&W satin finish. Again, the advantage goes to the shooters opinion. The slightly longer barrel gives a slightly (about 5%) longer sight radius, and maybe 30 FPS more velocity.
If you wast to get even closer to the M66 barrel length, you can get the PC M686, with 2.62 inch barrel, its only 1/8 inch less than the M66, and the same weight as the 2.5 inch version. Either should make a fine carry revolver, the differences mostly a matter of opinion. With one exception! The M66 might be having some teething problems. There have been a few reports of the new snubs spitting "something" back in the shooters face. And I am one of those shooters. I am waiting to hear back from S&W on what they are going to do to my revolver, which they have acknowledged receiving. We will see. If the M66 doesn't work out, I will be getting a new M686 snub.
Best,
Rick