It fit me really well, for a 30-year anniversary I decided to get a new one last week. They still make the same design.
The new one uses their nano-spun FutureLight fabric, rather than a three-layer nylon(?)/GoreTex sandwich.
It's much more soft, like a woven fabric rather than plastic hard shell, and it seems to be much less weight. I really like it.
I got to try out Marmot's take on next-gen shell technology a couple of years ago. Half the weight of my 20th century jacket, very effective. The particular jacket I tried didn't fit me as well as the Mountain Light, but I suspect that most people would prefer Marmot's version: more simple, lightweight, everyday tech.
Some things were great 30 years ago; the fleece Denali is essentially the same. The outer layer is much improved.
(And I noticed that the zippers are way better, overall. I bet there's been decades of improvement in plastics (sorry, "polycarbonate") engineering.)