DePalma's version follows the Hawks' plot but it did break new ground in terms of violence shown in a mainstream Hollywood film. I think before that, the high (or for some people low) watermark was probably the Godfather or Bonnie and Clyde or The Wild Bunch. The 80s Scarface definitely upped the ante on any of those.
Either way, I much prefer Hawks' version. It's the film that got me into George Raft, who for me totally outshines Paul Muni as Tony's sidekick. And yeah, the quickness you mention, that's something I love about Hawks' films: there's never a second of padding. Compare him with so many of today's directors who seem to think they haven't made a 'proper' film unless it clocks in at at least 2 1/2 hours.
Watched this morning
Enjoyable enough western-of-sorts.