The "modern" strategy for cold water is not anymore to insulate the moving part (piston) from water thanks to a thick layer of silicon grease, as in older Mk5, Mk10 or Atomic.I wouldn't agree with this assessment. The MK25 does work ok in very cold water, but it is hardly 'greatly engineered' for cold water. It is not sealed, but there are some coatings and plastic bushings added to reduce or prevent ice build up. Given the fact that a very similar type of regulator, the atomic 1st stage, as well as earlier SP 1st stages (MK5/10) can be fully sealed with either PTFE or silicone grease, the MK25 is comparatively not well designed for cold water. Again, there have been many thousands of successful dives in cold water with the MK25, but if someone is buying a regulator specifically for very cold water, the MK17 is a much better choice, as is any fully sealed 1st stage.
The strategy employed in the MK25 is opposite: to guarantee good heat exchange beteeen the area where adiabatic expansion is causing cooling with the surrounding water.
In this sense, the MK25 is very well engineered.
Which of the two strategies works better is matter of discussion. But if SP engineers, who previously invented and fully mastered the SPEC approach, decided to abandon it for the new high conductivity approach, I suppose that they had data demonstrating that this new strategy is better.
As said, sealed diaphragms have other nice advantages. But if the concern is just cold water performance, I would not grade the MK17 as definitely better than the MK25.
Being more precise: thermal insulation by means of a chamber filled of silicon is probably advantageous in case the water is really at icing point, and the reg would cause it to solidify even with a moderate air flow.
The thermal conduction approach, instead, is possibly better when the water temperature is at least 1-2 C above the freezing point, and the formation of ice is caused by a significant air flow.
So in the first case the MK17 is better, but in the second case, which possibly is more frequent, the design of the MK25 is better...