FWIW, after using the new water-based MSLT I inquired with Stoner's on what the deal was. Here's the substance of the reply:
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"The product you recently purchased retail is most likely item number 91086 or 91084. As you observed, it is not the original item 91044. What you have now is a water-based product. The original is solvent-based. In the simplest of terms, we were forced to reformulate the product due to the most recent CARB regulations. The California Air Resource Board determines that certain products cannot be shipped into their state if they contain certain raw materials or no longer meet VOC requirements. Because our retail store customers are not willing to ship specific versions of product to different states, they now only purchase the new version to go to all states."
"The good news is that we still make the original for our business to business and consumer customers. As long as your shipping address isn't in California, we can ship the original to you."
"A case of 12 cans of the original 91044 is $40.87, or $3.40 per can delivered."
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I buy MSLT at Summit Racing near Akron, OH. They still have 91044, solvent-based on the shelves. I personally prefer the solvent-based for longevity as I only reapply when the tires need a vigorous brushing or the WOL sidewalls need Bleche Wite. YMMV.
TL