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Not sure where you are but if you can I would recommend visiting a dealer or a local Mog get together, I am sure TM members would be happy to help as well, so that you can see the two alternative hoods as this would give a much better idea than trying to explain it, although here goes.
The traditional hood has a frame attached to the car a bit like a pram hood. The hood itself is separate and is draped over the frame and fastened to the car using a combination of fastenings on the car and windscreen header rail. When not in use the frame remains folded down and the hood is folded and normally kept on the rear parcel shelf.
The easy up hood is permantly attached to the frame and when lowered can't be removed so that it partially covers the the rear parcel shelf like a mini tonneau which, as Ray said, reduces the space for dogs to sit up in the back of the car but for most the difference is aesthetic as it does look bulkier than the old style.
I would definitely try erecting both hoods before you make a decision as I never mastered the old style hood.
