I have the newer Options set and I'm completely smitten. I'm a new knitter and have already gone through acrylic (Trendz), then Chiaogoo fixed bamboo circulars, and finally made the right decision with the KnitPicks set at only $50 - especially after such an initial expense. I wish I had purchased those intitially.
I've read comments that the quality is not what it used to be but is still a great set for $50. The joins are smooth and not distracting, the cables are way better than Trendz at only a few dollars more, and replacement tips are free if they lose some of their coating (I've read that Addis tend to lose theirs as well). Cables available at almost every other size sold eseparately (except for 16").
The main reason for my switching over to Nickel Plated was that my wooden Chiaogoo circulars were WAY sharp and I wanted bluntness and smoothness. From what I've gathered the sharpness in the Options tips may have changed as well - I prefer the bluntness, but many Options users with the older set prefer the sharpness of that previous version. In this respect I was very pleased with the newer set.
I've heard great things about Nova set as well and it is similar to the "older" Options but if you're curious about the newer tips you could ask CS at KP about trying out one of the newer tips to see if this aspect has changed. The bluntness now for me is perfect. When I tried this set I wanted to do cartwheels. These will keep me busy for a long time before I'm ready for anything else.
Just wanted to relay this info for new knitters like myself - so many interesting threads about needles, I wish I had read some of the comments I'd read here earlier before making my first purchase.