I like this Chocobo a bunch as well, really came out nice overall. My only gripe I've seen while using it is that since it has a smaller tail, it exposes quite a bit more (depending on the character) that only the top-half of the characters are shown while riding, but only when facing up at least in terms of it on a map, so like if an NPC is riding one. The original managed to hide this much better by having a larger, albeit not as cool-looking bushy tail. It also exposes it while turning right or left on the overworld (Mode 7) as well, but it's not too bad. Overall I think most wouldn't notice or care much.
We are born, live, die and then do the same thing over again.