With the spacer, I belive (don't quote me on this) there will be two "rings" around the shock, as they had to add an additional spacer. Where as the updated lift kit (again don't quote me on this) I believe only has the 1 spacer at the new height/additional 1".
I could be wrong however as I have not had a chance to see both side by side to compare.
Here is what mine looks like (the updated lift system that dosen't require the additional spacer)
View attachment 26876
Adding the spacer to older lift kit (below)
View attachment 26877