I really haven't found a need to change the factory settings. However, out of curiosity I have changed between "Original" and "New". If I had to choose between the two, I would choose the "New" settings because I'm hearing a bit more of the Mids cutting through the mix.
I use both "Original" and "New" settings and have no problem being heard in the mix either way, given the tonal flexibility of the Smith 3 Band Pre-amp.