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Splash-o-matic is more common as it's great at getting suction bomb rush which can be a very deadly pressure tool. Many splats can be obtained from well placed suction bombs.
Neo Splash-o-matic can be extremely deadly at close range with stacked damage up as it can often get a kill with 1 burst bomb and a single shot within its range. It also comes with the team wipe machine known as inkzooka which it can build fairly quickly. Overall it is more deadly at the two range extremes.
I personally think Neo Splash-o-matic is better at killing faster but requires higher skill to play effectively whereas standard Splash-o-matic can get plenty of suction bomb kills but is often slower to kill though can be used without as much dedication to accuracy.
I think Neo requires a more specialized gear setup. Burst bombs are amazing at helping the range, but they need significant investment in range up and damage up. With that said though, I think the Neo's kit is superior because of its versatility.