Is my iPhone 4 the newer version or older?

I just bought an IPhone 4 model a1332 and ECM 380b. Is that the newer version? If it is what makes it so great from the older version?

Actually, it isn't new at all. You should have went for an iPhone 5. The iPhone 5's got way better specs compared to your iPhone 4.
The iPhone 4 has an A4 chip and 512MB of RAM.
The iPhone 5 has an A6 chip and 1GB of RAM.
See the difference?