Likely buggy, but buggy in different ways. The real test will be in measuring the number and quality and severity of bugs, as well as the ability to identify and repair them in both systems. A testable system with good test code written may still be 'buggy', but will help foster a sense of confidence when making the fixes required.
Yeah, at my last place before I left, they were looking to do a rewrite of their main project that had been the result of years of hundreds of developers working on it. The time-scale was wooly, but was expected to be between 5 and 10 years and probably require ~200 developers and testers.
This was rewriting millions of lines of code, very little would be reusable.
I don't know if they went ahead with it or not, but it was looking like it would descend into chaos.
Also adding new features was incredibly slow, painful and dangerous. Even a minor change resulted in so much manual regression needing to be done. It was absurd.