it's actually kind of a cross between the two. the caramel is richer and smoother than a plain old caramel bite, but it's not the gooey, oozing caramel that's inside the Caramello. it has a buttery flavor, not too intense but not muted or bland, and not too sugary-sweet. at first glance it seems a bit intense with so much caramel, but the ratio of chocolate to caramel is pretty good and i don't really miss the nougat at all. i usually prefer a denser nougat than Milky Way has anyways. in general i've preferred the special Milky Way varieties to the original, and the Simply Caramel bar is no exception (although i still like the Midnight better).
ingredients: milk chocolate (sugar, cocoa butter, skim milk, chocolate, lactose, milkfat, soy lecithin, artificial flavor), corn syrup, sugar, hydrogenated palm kernel oil and/or palm oil, skim milk, less than 2% - milkfat, cocoa powder processed with alkali, malted barley, lactose, salt, egg whites, artificial flavor