When Hasbro released the ARAHC figures in 2000, collectors were ecstatic to see Joe return to retail. The first wave featured almost all excellent repaints of figures that collectors wanted to see. The Law repaint is a substantially different look for the character. I won't say it's better than the 1987 version since that release is iconic. But, it probably is.
Here's the little of him from around the web.
2000 Law Profile
Law Dio 1
Law at GeneralsJoes.com
Law Dio 2