The 'new' version, called a mini-series, only has two parts and was actually released about a year ago. Much attention was given to the 'incredible' special effects that far surpass the original via the advent of computers and modern movie making techniques. There are some improved special effects in some scenes, yet surprisingly, and disappointingly, falls far short of the original special effects in most other scenes.  

The acting in the 'new' version is simply horrendous for much of the movie, with a few brief semblances of true acting from veteran Omar Sharif.

The story line, even if they weren't supposedly following the Bible, is even worse than the acting. It jumps from scene to scene with no explanation of what's going on and nothing tying the scenes together into any sort of intelligible plot. As for following the Bible, it's pathetic, omitting a great deal of meaningful explanation for what happened and why. The Passover, one of the most important events for Jewish and Christians alike, was reduced to possibly a whole minute or two of trivialized Hollywood worthlessness.

If you have the chance to get this as a free rental, THAT is paying too much.  Don't waste your time.