If the new light is low-voltage, I'd go for it.

I KNOW they seal the lights, but no matter what full voltage (120v) lights in pools terrify me, even with GFI. I would never have anything but lo-voltage (12v or less) lighting in a pool.

Steel sided pools can have lights that are actually out of the pool but shine through a window, like a porthole. You can access and service the lights without draining water.