i really doubt that mine is a better/newer one than yours... it doesn't have inserts, no groups, nothing. Just gain, 1 reverb send and 1 efx send and 1 monitor send, three band eq and pan. Two band eq for the main channels and thats about it. I'm not sure about the balanced outputs thought (i haven't really studied the thing, i just use it!) I still love it and it fits perfectly with my setup. Like i said, i own mostly vintage equipment for sound and i love it all. Especially my amp... 200 PURE watts, not those new fangled fake things. Turned the thing on to test if it worked on an old spare 35watt speaker, making sure i had the gain way down so i didn't blow it...well, i pushed the huge power button and it blew the speaker!!! This thing kicks butt!! (its a heathkit AA-1640)
anyways... i got off the subject. My kelsey pretty much sucks monkey balls. It needs some work on the knobs. They all are soo scratchy, even after i cleaned them with the strongest cleaner out there. This things really old! lol