Definitely an improvement on the original, Pico x CoCo xChico is possibly one of the greatest mainstream trap OVA's I have ever seen (and I have seen quite a few in my time.) Although there is less story, as a hentai, that really isn't important. The art is great, and I can definitely tell that they tried to stick more to the original source manga. The lack of an older male figure is definitely disappointing, but it is well made up in the threesome scene where the title characters have sex. Also, the sound quality is great - in particular the semen sounds are very realistic.
I would absolutely recommend this to anyone who loves shota, and I actually am probably going to try to import a copy from Japan - we need to support studios that make content such as this.