Many of the rules and systems are the same, with a bit of reskinning. Rather than a stellar naval academy, an O.L.D. equivalent may be the skyship branch of a fantasy nation's navy.
The hallmark of O.L.D. has to be the freeform magic system: a verb (magic skill)+noun (secret) combination that is frighteningly (for the GM, anyway) open-ended. Combine those two elements, pump magic points into the result to get the desired range, duration, or effect, from lighting a candle to wreathing an entire forest in flame.
Alchemy, too, picks up where engineering leaves off in N.E.W.. Rather than "technobabble" tables, O.L.D. supplies a series of random alchemical process tables.
There is also an extensive selection of herbs, which, through herb lore or alchemy, can be made into potions and such both beneficent and malign. This, I suppose, takes the place of N.E.W. drugs/pharmaceuticals.
Edit: One thing I like about W.O.I.N.'s different eras is that the "10th attribute" is not simply a re-hash: MAG and its magic subsystem is different from PSI/psionics, which are both different from CHI
Lords help you when you get the player who wants to play the magical psionic martial artist.....