I have the carbon version and the do have the three position tension adjustment screws. I have the old time's on my other bikes and have to say these are an improvement with more positive (and easier) engagement. Note, I love both old and new time's and I only buy the new ones if I was moving from a different system of needed a new set (I see no need to replace the old types just because as they work really well also).
One note. The old ones had steel loops that were pretty in destructable. The new carbon ones have aluminum loops (saves weight and likely easier to manufacture). I bent one on a rock up here at Whistler. Still works, just not as well. Might be able to un-bend it or replace it but have not investigated it closely yet (been riding 5 times with it bent though). So I suspect the new ones are slighty likely to be damaged on rocks than the ones ones.
In any case love my time atac peddles, best in the world (IMHO).