For the improvements in 3D, yes if you plan on using 3D alot. If your not planning on using that feature much, then the older model would be my vote. Remember your also getting 2 pair of rechargeable glasses with the newer model as well, about $200 value. The older model glasses from Epson are non-rechargeable. For the older model you can find a pair of Sony glasses for around $20, that are rechargeable. If you add in the price of the glasses, your paying about $300 more for the improvements in 3D, and slightly better black levels.
Bottom of the page compares the two. http://www.projectorreviews.com/epson/home-cinema-5020/competitors.php