If you prefer tight, compact knot nubs, you are right. In that respect, this bowline is a new knot, indeed ( at least to me - I have not read Harry Asher s book ) - because you have chosen to pass the continuation of the returning eye leg = first leg of the collar under the second leg, and this seemingly insignificant detail can make a great difference, in so simple a knot (*). However, the advantage of the genuine braided bowline ( but, to some degree, of the pseudo-braided bowlines, too ), was not meant to have any relation with compactness : as its author said, the braided structure around the Standing end above the collar is able to absorb sudden pulls, because it acts like a spring absorber.
Regarding security against slippage, we can not say if a compact nub offers more or less ! The braided structure, as the Malvolio stockings “cross gartered” structure of the ABoK#1755 / #1756 and of the rat tail stopper, are not compact, but they are more secure than all the other compact hitches around ropes able to withstand lengthwise pull.
(*)