If...
I could get an unlimited supply of parts my Lightning would be the only machine I'd use... Amazing how well it cleans for how little air flow it has and how soft the brushroll bristles are. With the mini powerhead and large canister that compacts dirt well it's perfect for my home with pets. There are three machines I'd say come close and remind me of the Lightning. The Elite Cyclonic reminds me of the Lightning in how it compresses dust and hair and keeps it moving in the air stream, not like Dysons and most modern multicyclonic machines that quickly stop spinning balled up pet hair as it gets bigger, also has a powerhead with soft bristles that still manage to clean very well. The picture you put up is as close as you can get to the Elite in the current range, if you go for the Hoover I'd suggest that as I've had a good experience with the Elite. The other machine (also discontinued) that reminds me of the Lightning is the LG Kompressor Canister LCV900B, amazing compressor set up, air comes into the machine, is separated by a dual cyclonic cassette, and then spun out of the air into the Kompressor bin where a wiper arm compresses dirt. Keeps the airflow in the machine constant and unobstructed, powerhead has a brushroll that looks like it was pulled out of an Elite upright, and is one of the best cleaning machines I've ever used. The last is the UltraActive. It's quiet, compact, and refined. Has amazing tools that the others lack, it's upholstery brush is better than even the WW made one that comes on Miele cleaners, it's also got a clearly defined air path to dirt as it comes in the canister. Perfect for cleaning until everything is cleaned up. Out of all of them the UltraActive reminds me the most of the Fantom, it has it's issues, but does everything very well for what it is. Has amazing tools like the Lightning, the availability of a mini powerhead, cleans carpets well, hard floors well, pretty long hose, it's just a nice machine to work with. Just be prepared for cleaning the filter relatively often, and emptying the bin as well if you have pets. Also be careful with fine dust, I used my UltraActive to clean up Capture powder, went all the way through the cyclone, through the pre motor filter, through the motor, and ended up clogged in the HEPA filter. The UltraActive is the perfect all rounder for a daily driver in a bagless canister, I have yet to see something that can truly rival it.
TL;DR
If you want to stick with Hoover (I know you're a big fan) Get the red machine you posted. Barring finding a NIB Kompressor, go with the UltraCaptic if the price isn't a problem. If the price is a problem go with the UltraActive from WalMart I'll link below, it's the same as all the other UltraActives that are listed for twice as much and even has the benefit of including the mini powerhead (normally not included and sold for about $70). Best value you can find on one, also something I forgot to add earlier, on the UltraActive the "Ergoshock hose wrap" may seem like a gimmick, but it's actually really handy for long term storage or transit. For under $250 I don't think you can get a better total package than the UltraActive, I truly can't say enough good things about that machine. I'll stop rambling, personally if I was choosing, even having an UltraActive, I'd spend the $209 and get a second one with the mini powerhead. I look forward to hearing what you decide.
http://www.walmart.com/ip/Electrolux-UltraActive-DeepClean-Bagless-Canister-Vacuum-EL4305AZ/36798910