The good news is, they didn't stuff it up. Far from it, this renovation rumble on Melbourne's "most loved" pub is a vast improvement in every respect. Let's face it, the old Rose was a glorious dive, a time capsule of characters and traditions and asbestos. But like The Tote on Johnston Street, it was in danger of becoming one of those places everybody loved, but nobody went to.

You'd be pressed to find better candidates to foster this new era than Harry & Frankie's Tom Hogan and John Tennent. They seem like really good blokes, for a start, and for all the grumblings that "it won't be like it used to be" (a colleague said the Last Post would start playing on her eventual return), they've been wide open to dialogue about what should change and what shouldn't, and they've listened.

The front bar has been sensitively gutted, keeping the facade and leadlight windows and bringing a sense of space and calm. There's an open central bar with shiny custom bench tops, clean black and white tiling, and exposed brick walls with all the vintage memorabilia reverently reinstalled. Four new flat-screen televisions are still playing the football, but it's now in high definition.

The menu is as brief as you'll get around these parts. Some fried snacks to start, a couple of small plates to share and some classic counter meals – a decent parma, schnittys for the kids, or a mixed grill – made with better produce.

Some will inevitably consider it too fancy, or too pricey: the sausage rolls ($14), for example, are of the gastro-bakery variety, fired with fennel and served with a ramekin of chunky chutney. There's a bowl of briny Portarlington mussels ($18), with wedges of grilled sourdough for dunking in the salty white wine broth. Not exactly a bargain, but comparable to anywhere else in the area.

Drinks-wise, it's also ruthlessly simple, with basic spirits and some icy gems rotating on 13 different beer taps: Boatrocker​ IPA or Brooklyn Lager next to the non-negotiable Carlton Draught.

The house red and white on tap is made especially for the pub, plus there are half-a-dozen more wines by the glass offering a glimpse into what's upstairs: a sleek wine bar with 400 bottles expertly curated and available to enjoy downstairs.

It's still early days, but the punters are a fantastic mix of old and new: prosperous nouveau Fitzrovians mixing with the old mates who've been coming to the Rose for years.

Yes, a lot has changed, but also nothing has changed – it's still a friendly, unpretentious place to get a pot and parma and watch a game in the back streets of Fitzroy. Now with less asbestos.

Eat this Chicken parmigiana, $25.

Drink this Carlton draught pot, $4.50.

Know this The famous quiz resumes next month.

Say this "It's just not the same … it's better."