I just tried the new version and to be honest, there isn't much to say other than the new color choices are cool (mainly cosmic). Because the drop dash doesn't seem useful or fun to use, if it were to take notes from how Pointy Sonic handles the drop dash I would've enjoyed this version way more. But that's just my thoughts.
Exactly what about it do you not find useful? If there's anything I can do to help make it feel better I'd like to know.
The reason I wanted to make it work differently from Pointy's is that in of itself, his drop dash works as an easier way of gaining speed through verticality. Pointy Sonic's primary ability (momentum flip) is meant to transfer that.
Neo Sonic is the opposite of this. He gains speed naturally by running and utilization of the homing attack, and, in this case, the drop dash is used for the speed transfer.
In a sense, Neo Sonic's drop dash was meant to work as a supplemental ability. It also has the added benefit of -- unlike the homing attack, being free of context sensitivity. As long as there's level terrain for you to use it, you can. It exists as a quicker, alternative utility to build speed without the need for enemies / level design to work around it.