As many others who have searched for the old Shulton formula, Spice was highly recommended as an alternative to combing eBay for buying up all the old supply for that right scent that we all grew up with. That being said, it is the closest I've found to date, with a couple of slight, but not unpleasant differences.
For my comparison, I have a few bottles of the old stuff around from the halcyon era of OS. Two were well-preserved, but one has kind of turned for the worse, so I'm not sure if it was due to age or improper storage. I also have the current P&G version, which is a slap in the face (no pun intended) to the original.
The first departure for the B&M Spice from the original (which may be intentional for all I know) is a noticeably darker first smell from the bottle, which I can only describe as brown, rather than the light blue scent from days past. However, after the Spice is applied for a few minutes, it is virtually indistinguishable from the original to my nose and to my wife's nose. It still retains the slight powdery top and rich sweetness that we all know and love. I've worn it daily now for almost two weeks and really enjoy it.
The other difference is the lack of alcohol burn when applied to the face after shaving. To me, the burning meant, "It's working," but then again, it's only a brief side-effect, so if that's something you didn't like about old after shaves, this will be a non-issue.
Finally, I will say that you should probably give the bottle a couple of shakes before opening to mix the formula, as the oils tend to separate from the water-based (or alcohol) liquids after sitting for a day.
All in all, I highly recommend Spice. Great job, B&M!