This series really has not aged well, but I had to get the new edition in my hands for nostalgia's sake. Gravitation, while not exactly grade A representation for many obvious reasons, was still the first piece of queer media I ever got my hands on, and as such it will always be meaningful to me, despite its shortcoming. The decline in art quality as the series goes on has always been my main grievance, not to mention what it does to Shuichi's looks... I do love the early parts of the series, however, when Murakami's art style was at its best (imho) and there was still some semblance of a coherent plot.
I still have the first volume of the old Tokyopop version and comparing the two translations was a lot of fun. The new translation flows very well and is just as entertaining with its quips and pop culture references as the old one was, though the differences are noticeable. I'm glad they kept Murakami's sidebar rambles in this edition - they were always my favourite thing about older manga.
To be honest I would only recommend Gravitation to other nostalgia-hungry readers like myself, because I just can't see younger, more aware generations being able to look past the more questionable aspects of the series to enjoy what else it has to offer. The thing is, it was and still is laugh-out-loud level of funny in many parts, and provides a variety of fun, funky side characters that add so much life to the main cast, especially in the beginning (miss you Maiko, you were the best). This is definitely a product of its time and should be treated as such, but I wouldn't put it on a pedestal as a classic nowadays.