I would certainly say that selectivity has improved, based on how well the radio functions in the presence of a PC, my vehicular computer, and other radios.
I perceive better sensitivity, but that may be due to better selectivity or better signal processing.
I cited in another thread an APCO-25 system in Petersburg, VA, that the PRO-96 can barely decode (even CC data) while right in town. The PSR-500 hears it crystal-clear over 10 miles distant. The side-by-side test was startling.
Again, I may be perceiving DSP and receiver selectivity as an indication of better sensitivity. Some aircraft monitoring might clarify that issue.
73/Allen (N4JRI)