Well, you know what they say, $4.9 billion here, $4.9 billion there and eventually you're talking about real money...
For what it's worth "old" South campus was awesome. 60 person dorms, 20 on the floor, mostly alternating between men's and women's floors. Each dorm had its own cook and its own dining hall. It made for a great family atmosphere.
(Plus, as a freshman, I can remember getting out of the shower, calling downstairs to the cook for an omelette, slapping it between a couple of slices of toast, grabbing a cup of coffee and hiking across campus for my morning classes. It was terrific.)
No doubt "(new)" South campus is more attractive and more modern but I doubt it is a better experience than the old dorms offered.