When you are dealing with CR 1/2 or higher opponents
Summary: the new version is slightly less effective against the weakest mob monsters but overall even on tier one holds up pretty well, and does better starting at CR 1/2 opponents. The smaller spell area also will weaken it slightly as a crowd control tool, but not by much. In addition, this version of sleep scales a lot better to higher levels. The biggest downside of this is likely that it hugs Concentration.
Old version benchmark: As indicated in this answer, the old version initally could put about 6 CR 0 creatures to sleep, which usually do not matter for combat. Looking at opponents you can be expected to actually fight, it will hit 3 CR 1/8 creatures like bandits, guards or kobolds, 1 to 2 CR 1/4 creatures like goblins or wolves, and 1 CR 1/2 creature like an orc, hobgoblin, thug, or worg (based on how many hit points typical opponents at low CRs have in the Monster Manual have).
I'm comparing the level one versions here, as comparing a level one spell against an upcast say, level 8 version of the old spell is not really comparing apples to apples, and also because even with upcasting, the monster hp or crowd sizes at higher levels of play outpace the old spell so much that it has relatively little impact.
Saving Throws. One big upside of the old version was its inevitability: with some experience how much certain kinds of monsters would withstand, you could essentially be assured to knock out one or two of them when you cast the spell, at no risk. Maybe the third one was a toss-up, or if you went for broke against an opponent with many hp, it was a gamble. But in many cases, you knew what you'd get. The new version trades this in exchange for working also at high level. The CR 1/8 to 1/2 monsters that you could hope to catch multiple of in the old version typically have a chance of about 22.5% to make their Wisdom save. This is averaged over all of the monsters, and assumes the caster has maximized their spellcasting ability bonus. Obviously it may differ a bit for a specific monster, but the variance here is relatively low.
With this, the chance that they fail both saves in a row is 77.5% * 77.5%, or pretty close to 60%. That means you can expect to put one of two targets to sleep, or two targets out of three. This is materially worse at low levels as mob control against the weakest CR 1/8 monsters, about even for CR 1/4, and better for CR 1/2, where you always only could expect to get one before.
Spell Area: One important aspect here is the clustering of opponents - how many can you expect to catch with your spell area? If you only can get one or two, it does not matter how many you could down. In the old DMG (p. 249), there is guidance that for a sphere or circle area in narrative combat, you divide the radius by 5 and round up to determine how many you would affect. That means, with the old sleep, you could catch four, with this new version, only one. Now, I think this is in practice underestimating what you can get at the low end, as you are more likely to cast the spell if the opponents are clustered conveniently together, and you could still catch 4 opponents with the new version, if they are all right next to each other. You often will be able to catch two or more opponents when dealing with a mob, especially in narrow corridors or at doors.
Considering that in practical terms with the hit point pool of the old version you usually would only be able to put 1-3 relevant opponents to sleep, getting more targets than that in your area did not really matter unless you upcast. Because of this, while I think the smaller area will cost you a target or two at times, the impact of this is less negative than appears at face value.
(In addition, as @Pyrotechnical points out in their answer, the old version did not allow you to exclude your allies, and the large radius therfore could also be a real downside, when you would hit your friends or yourself.)
At higher levels: the consensus is that sleep used to become unattractive to use after maybe level 7-8, outside of some special applications to take out wounded opponents non-lethally early or such. This new version does not suffer from that effect, as the Wisdom saving throws for many high challenge rating monsters are not that much better than for those at low challenge ratings, the average saving chance really only goes up by a few percentage points. You can put a Grey Render at CR 12 to sleep just as easily as a Kobold at CR 1/8.
Concentration. Again, as pointed out by the accepted answer, one of the major detriments to the new version is that is hugs your concentration. But given that it is able to take out very powerful opponents this is a reasonable tradeoff. Compare this, for example to Tasha's Hideous Laughter, another level 1 spell that can take out nearly any opponent, and in some ways is stronger than higher level options like hold person (which also is limited to humanoids). Sleep of course does not quite work against any opponent: those that need no sleep or are immune to exhaustion are immune. And there is quite a lot of those, 39 in total out of 392, or nearly 10%. But on the other hand, the ones it can affect get only 2 chances to save, and then are out for the minute, unless shaken awake or hurt. With laughter, the victim gets to re-save every round. On top of that, you can take out two giants that are standing next to each other with this first level spell. It would be much too strong without concentration in that form for a high level caster with enough spell slots to spam it every round.
This answer may change again when the new Monster Manual comes out.