The old systems absolutely do. The new systems really do not. With 150+ films covering a broad range of genres, languages and eras they offer a pretty impressive option. Does KLM really have 500 movies? I doubt it. In fact they advertise "More than 80 movies including recent releases, classics and world cinema." That's roughly half of what the CO AVOD system offers.

The new system is absolutely competitive with many other carriers in the premium cabins. Definitely not the best, but also not the worst by a long, long way. The old seats and the old IFE suck but they're on the way out. I wouldn't get too hung up on that aspect of things.