Currently, COG only works on a disarmed opponent. I think this is silly.
New and Improved Catch Off Guard:
You do not suffer any penalties for using an improvised melee weapon. During the surprise round or round you first use your improvised weapon, your opponents are flat=footed against any attacks you make with that weapon.
I think this suits the 'spirit' of the feat more nicely. While you can't potentially use it repeatedly like the old version, this one is more universal.
The one thing I am split on is how this will apply to multiple improvised weapons. Should a guy who breaks off a table leg, smashes a guy over the head with it, then picks up a meat cleaver and attacks with it, receive the bonus?