Traditional advaita vedanta vs. neo-advaita

Traditional advaita vedanta (the 'nondual' school of Hindu mysticism) is often contrasted with so-called neo-advaita, but what are the real differences between the two? The key hinges on the meaning of neo-advaita, which has been interpreted in two dramatically different ways. The first way, which simply says no effort is needed or possible, is justly criticized. The second way, which emphasizes inward looking, is actually just a rephrasing of traditional advaita vedanta from a different perspective.