I don’t think that “Common Sense Conservative” means the same thing as “Compassionate Conservative”.
So if you mean “new” as in “replacement for”, maybe so, but if you mean “new” as in “equivalent to”, not so much.
For what it’s worth, I seem to remember Sarah explaining what the difference was between a plain old conservative, and a “common sense” conservative, in her book. Maybe someone who has memorised it could enlighten us further.
Well whatever it is, it seems to be the new buzzword. I’m always skeptical of buzzwords.