Very nice review razor guy. If the picture is a picture of his tube then yes it is the old formula. The new formula has new packing that has white and green barber strips through the name.

I would rate this slightly higher then razor guy probably a 7.5. It is one of my go to soaps and actually the one I go to when I already have some irritation as it helps calm it and I almost never have irritation after using it.

I haven't had the drying issue that you mention. However I use a lot of the Italian soft soaps and found them to all be water hogs so I use a lot of water and make a very wet lather.