The OLED Switch isn't exactly a reinvention of the console. With a larger OLED display and a better kickstand, though, it is an improvement over the original. The original Switch got a battery-life boost in 2019, which this version also has. This time, you get a bigger, more vibrant display. It has the same 720p resolution as the original Switch and Switch Lite, but looks more colorful, with more contrast and deeper black levels.
Most of the OLED Switch's gains are for its handheld mode. It's got a larger display, louder speakers and a kickstand that finally covers the whole rear panel and also bends to multiple angles. That kickstand alone could be a reason to upgrade if you're interested in a Switch that's portable, especially for multiplayer games on the go in tabletop mode.
There's more included onboard storage (64GB versus 32GB on older Switches), which is enough to hold a dozen game downloads or so. But most Switch owners will just pop a microSD card in to increase storage (you can get 256GB for about $20 now). A big SD card is basically a must-have Switch accessory. The included new dock has an added Ethernet port for wired internet, but I don't care about that: I use Wi-Fi for everything and am fine.
Despite the screen size increase, from 6.2 to 7 inches, the device's footprint is nearly the same. After all, it has to accommodate the same Joy-Con controllers, which slot onto the sides of the system when you're not holding them in your hands. That means you get more screen in the same size body, so the bezels around the display are narrower and the screen dominates your view that much more.
Games, however, won't play any differently. Inside is the same Nvidia Tegra X1 processor as before. That hardware configuration dates back to the Switch's 2017 launch, four years ago. The competition? Consoles with newer 2020 processors.
The extra $50 for the OLED Switch is well worth it for the upgrades, though, particularly the screen and kickstand. If you're new to Switch life, it's the one to pick. But it just doesn't seem as necessary if you already own a Switch.