Studying at IIT Bhubaneswar is like studying at any other IIT as the curriculum followed and pedagogy is almost similar. The only difference in academics is in the qualification and experience of the professors. The old IITs definitely have a better faculty pool.
The major difference between new and old IITs is the quality of campus life offered. Campus life is directly proportional to the in-campus activities and extracurriculars. The new IITs either lack their own permanent campus or have a very small batch size making it difficult to hold events and fests on a large scale.
All the recently established IITs are similar in terms of academics and infrastructure with IIT Gandhinagar slightly leading the race.