Some terrible takes in this thread. Rare is still doing what Rare has been doing for over three decades, albeit with a slower output. Playtonic is doing what one arm of Rare was doing 20-25 years ago. As long as they keep retreading old ground and remain planted in the mascot platformer category, I won't consider them a rebirth of "old Rare".
With that said, I love what Playtonic is doing right now, and I can't wait to see what they do next. Hopefully they give the 3D platformer genre another try. With the team they have built now, I think the sequel will improve a lot over the first one.
(On a side note I'm also excited to see what Rare is working on next. It seems like Sea of Thieves has really reinvigorated the studio)
Edit:
To avoid any confusion, I don't consider the Rare of today to be the same as the Rare of old either. The slower output of games means that there is not a lot of options for Rare fans who aren't interested in Sea of Thieves. Compare that to the N64 era where Rare was pumping out wildly different experiences such as Banjo, Goldeneye, KI, DKR and Blast Corps.
Rare's philosophy remains the same as it was back then though. It's just a shame they only release games every three or four years nowadays. I know there has been talks of a second team at Rare, but that's still only speculation until they actually announce something.
To me, the combined forces of Rare, Playtonic and Gory Detail represent the spirit of "old Rare".