I have one. It's not identical to the one I had as a kid, but it's not the newer flimsy version either. Other than the graphics, I really don't notice any difference. It's got the 2 individual hard shell boards that you flip open, the gray boats and red and white pegs. The pegs go on the top and on the bottom where the boats are - is that the one you're looking for?
The girls asked for the U Build It one for Christmas and we got it, but I'm not sure if they'll like it as much as the original one. There is a board game store in the mall near us and I know they have about 5 different versions of Battleship in different themes. They're all like the original version with the two boards, boats and pegs, not the stand up flimsy like the new ones at TRU and Target. I have all of the pegs and boats, box is even in perfect shape, nothing is missing.
Let me see if Matt is willing to part with it. I really don't care. If they don't like the U Build It one, I can replace it with one of the ones at the local board game store. They have a cool camo military looking one that I wouldn't mind having an excuse to buy.