My daughter has the original (non-velvety) elephant and this velvety elephant. Although both are whimsical, this one has a "cuter" look about it, especially when looking at it head-on. Although the ear color may not seem natural, I think it breaks up the all-grey look and gives this elephant a different personality than the regular elephant.
In terms of durability, this animal will probably attract more dirt and grime than the original, simply because the velvety material is more absorbant. It may require a lot of cleaning. Online, the elephant doesn't really vary from any of the other Webkinz animals. I would consider this elephant, however, one of the "must-have" Webkinz pets.