Surprised to see this on HN since I've actually been working on it. Basically, the original gave full, permanent audit authority to the Government Accountability Office. This one requires a one-time thorough audit of the bailout-type expenditures and not much else.

aaronsw hits it on the head. Under the original, Congress gets to perform a complete audit of all the Fed's activities. Under the passed version, Congress will perform a one-time audit of TARP. I'm less concerned with the ongoing audits (although I'd prefer they remained) and more concerned with the depth of the investigation that will be undertaken.