Basically, the old one features Geenie coming out of his lamp holding a square in which we see Al and Jas on Carpet flying around Agrabah, and the new one just has Al and Jas in the sky on Carpet. Thankfully, the old CD and new one have different cover art, which allows for identification.
It is also changed on the semi-recent 'remastered' reissue of the soundtrack a couple years ago, though the original 1992 release does have it intact.
Presumably, it will also be used in the forthcoming DVD and in all further Aladdin releases from that point on, be they IMAX, theatrical, DVD or otherwise. They brought in Tim Rice to change the lyric in lack of Howard Ashman, and he changed it to 'Where it's flat and immense, and the heat is intense,' which was used on the VHS, VCD and laserdisc releases from 1993.
The PC guys at Disney relented however, they were too lazy to pull all of the prints of Aladdin and send them back to the theaters after editing, so it was kept intact for the entirety of its theatrical run. The original line was 'Where they cut off your ear if they don't like your face,' and upon theatrical release, Arabs were angered and offended by it and demanded it be changed.
