As an overall serial, I preferred the 94 version to the 82 version, although on individual performances, Tsang Kong, Yeung Chak Lam, Lau Siu Ming and Chun Wong far far outshone Lok Ying Kwan (looked way too camp, and needed a beard or something), Chu Tit Woh (he was good, but seemed a bit too comical and didn't have Yeung's ultimate evil villain feel to him), Newton Lai (he was a good actor, but didn't have that regal feel which Yideng required - and Lau Siu Ming had it) and that horrid horrid Wayne Lai.
Mu Nianci in the 94 version was rather bad as well, although I didn't find Gallen that bad (of course, Miu Kiu Wai was much better). Huang Rong was quite decisive for me, though. Maybe because I watched Athena as a hot-blooded male in his early 20s, and Barbara while I was in primary school, but my dream Huang Rong will always be Athena. I'm happy with both Guo Jings, and Felix Wong remains, to this day, one of my favourite actors ever.
Music-wise, LOCH 94 can't even hope to smell the dust of LOCH 82, for sure. LOCH 82 has a lot of things which remain firmly in my memory - Mei Chaofeng's laugh, the Dragon Palms CGI, my hero Austin Wai in a much expanded role, Roman Tam and Jennifer Yen's repertoire of wonderful songs, Kenneth Tsang's cool character and those Mongolian war scenes which were destined to be recycled a million time during the 80s. I also have to say that I can't remember any particularly memorable scenes in LOCH 94 (other than the scene where Guo Xiaotian dies).
Despite all the individual good things about LOCH 82, it's held together by a draggy plot filled with unnecessary filler subplots created purely to allow us starstruck 80s fans to see more of our favourite actors and actresses. Storylines were twisted - I still don't see the point of Huang Yaoshi trying to revive his wife and all that - while the extra long scenes of nothing but just crying talking slowly and saying obvious things in reply to rhetoric questions just got to me. LOCH 82 was a wonderful piece of art for its time, but it really should remain there. It's good to watch it once in a while to remind yourself how great those actors were in their prime, and how good the music was, but it's not as watchable as LOCH 94. If I wanted to introduce a friend to LOCH, I'd take 94 anytime, but show 82 after that, in a take-the-mickey kind of way to show how corny things used to be. In 94, the story took precedence over the acting, in 82 the story was nothing more thn a platform for the actors to do their stuff. If you loved them you loved it.