It's identical to the first new reg I ever bought - a Mk 3 High Performance I purchased in 1985.
I still use the first stage as my dry suit inflation reg on trimix dives and the second stages serves as the octo on my PRAM.
It's a great reg that is still fully supported by scubapro.
The flow rate is comparable to the current Mk 2+ as they use the same basic design, same seat and same basic orifice. The Mk 3 has a smaller piston head giving it slightly greater IP change as tank pressure drops and it has only 3 LP ports, but overall performance is about the same.
The High Performance (108) second stage breathes very well and was a very high quality and well executed iteration of the unbalanced downstream design. Despite being unbalanced it will blow the socks off a current R295 or the similar R390, R380, R290 and R190.
Scubapro still hits on them generally in their Expert Tech classes but I've noted the empahsis there is less on servicing them and more on suggestively selling a new reg. I agree with that approach in terms of honestly worn out regs, or with regard to things like the Mk 7 that have little or no practical use for a modern diver.
However if a Mk 3 High Performance is in great condition, replacing with with a Mk 2+ R295 would be a bit of a retrograde step as the performance of the average R295 is not up to the same level of performance as a good condition 108. You shoud be able to expect inhalation efforts in the 1.0" of water range with a 108 in good conditon and all but the earliest versions had fairly large exhaust valves giving excellent exhalation efforts as well.