The blade choice is very important on any bandsaw. When I had the underpowered Ridgid I used the Timberwolf. The reason for the Timberwold on the cast iron saw was because I did not need to tighten the blade as tightly as other types of blades. When the cast iron saws with extensions are stressed they buck like a wild horse. There is a lot of flex in the cast iron saws. My replacement SCM has a triple box back frame that is much more ridgid then a cast iron saw. Since I have a more rigid saw I can increase the blade tension to get good cuts.
So depending on what you are cutting with as far as a saw you have to make choices based on performance. Timberwolf blades are great for under powered saws that flex a lot. The Lenox 1" Carbide 3 TPI blade can be tightened to a higher level and gives great performance in the more modern box spine saws. Other than price I am not sure why the cast iron saws are still made. Jet and other bandsaw makers have the 14" saws with the square tube spine now at competitive prices with the cast iron older cousins.
Now if you already have an older saw I would not suggest you run out and buy a new saw. The performance of the older saws is acceptable but if you want to buy a new bandsaw buy the steel boxed spine versions of a bandsaw. You will be happier with the performance of the newer designed saws.