"Original Nike Fuelband gets all the new features where possible," explained Stefan Olander, vice-president of Digital Sport at Nike.
The where possible bit refers to a lack of Bluetooth LE on the older FuelBand restricting some of the newer features coming to the now older activity band.
Nike has confirmed that the older FuelBand will get the new better algorithms, and double tap to tell the time.
However because of the lack of Bluetooth LE, the now older band won't be getting the new hourly alerts that tell you, you should be more active, or Sessions support as it will not be active on the app, and will only appear when users connect a FuelBand SE.
Owners of older FuelBand should get all the new iPhone app functionality after they perform a simple firmware update by plugging in the FuelBand to their computer and connecting to the web via the FuelBand app.