Old version does not have the hole. The tube never holds pressure....the co2 verion's valve is not sealed (o-ringed) to the air tube so it really can't hold any pressure. Co2 version works by jamming the bottom 12gr. into a seal at the front end of the tube, so only the 12gr. cartridge holds pressure.Guess they put the hole in the tube as an added safety precaution (if there is a co2 leak, would leak out the hole rather than back though the action towards your face)...or just to keep folks from using the tube for pressure holding.