There is no memory cable in the overmolded version, nor there is a need for one. The overmolded (grommit) section will just naturally loop around your ears without any issues. If you're running or jumping, you may optionally use the choker to further stabilize the cable, but in terms of overall comfort, the new cable beats the old one hands down.
The other benefit is that you can easily have the cable run down behind your neck instead of front, such as when bicycling, etc., when the front-hanging cable can get hooked into something. This was next to impossible to do with the old version due to the memory wire, but now this restriction is gone as well. You can find more info in my review of this cable (link in my sig block)