Both games have an end, the first games end can just be reached a bit earlier. I know the jam rules, but I don't recommend playing both versions, since they aren't that different for the most part. The updated version "just" has the missing stuff in the end game, two more dungeons and a side quest at the beginning. More stuff was planned, but at some point I had to decide how much more time I was willing to put into something that was just supposed to be a short jam game.
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Sorry. I guess I did not understand the rules for updated games. Anyway, here are my thoughts on both games.
I really liked the graphics, music and unique enemies. Story and puzzles were well done and the enemies were reasonably challenging. I appreciated the textbox color being changed from blue to black since it made Alice's blue text more visible. Exploring the convoluted dream world and finding memories was fun, though the shopkeeper never let me use them even when I had five. Something that stood out in the updated game was that Wendy (accidently?) started at level 1 instead of 5 or 6 like she had been in the original game, so I had to run around leveling her up before I could proceed. This did level up Tex and Alice too, which was good since when I played the original game, I went straight to the temple and was not strong enough to get past Tex finding Wendy, so it did have some benefit.
My one major issue is in both games after the battle with the Great Devourer, the game froze as soon as the hooded person said thank you for defeating the demon. I am pretty sure that was not where the game ends?
Other than that, this is definitely my favorite game in the jam :)