Anheuser-Busch has reformulated and relaunched Michelob.
Since the late 1950's, even regular Michelob has been an adjunct beer, 80% malt 20% rice (per Michael Jackson writing about 20 years ago). It was introduced as a premium, draught-only beer in 1896. From then until about 1958 it was all-malt. Then came the change (about the time it was put into bottles).
A/B has returned to an all-malt formulation for the regular Michelob, and even Michelob Light. (I am not sure about the others in the line like Ultra).
Also, A/B is bringing back the shaped "space age" bottle although it is an updated, slimmer-looking design.
About 10 years ago I wrote A/B and suggested they return to all-malt. I received a nice reply, telling me the rice they used was expensive (not a cheap adjunct) and contribubted to the crisp taste of the beer and no change was planned.
10 years later, with stagnant or falling sales of the traditional mass-market U.S. brands, A/B is doing something to upgrade the beer and return it to tradition.
I'd be interested in taste notes from people especially the homebrewers.
I always found Michelob had a characteristic taste that was rich and "eggy-like" and all-malt it is probably very good: Lew Bryson says so and I respect Lew's opinion (see www.lewbryson.com).
Sure, it won't be (as Lew said) a substitute for a highly individualistic craft beer but it sounds like it is very good on its own terms. I like fine craft beer with the rest of them but there is a place for a quality mass-produced product and it sounds like Old Michi, restored, may fit the bill.
Now, if A/B can just stay independent (recent news stories has it talking possible merger with InBev)!