MIL-STD-1553 Transceivers, Part 2: Marconi CT3231-M-FP(Found on
this board)
You can see the identical form factor of these modules, at bottom-left and bottom-right, to the previous one:

However, the some of the differences are obvious upon opening:


Here's a 2nd look at the previous National Hybrid module, to show how much more complicated it is:

The Marconi module only has a single layer of conductors (with occasional wirebond jumpers), while the National Hybrid module has at least 2 layers of conductors. The dark blue color is an insulating layer that separates the two layers. So at a minimum, the hybrid module itself is simpler & cheaper to manufacture with the Marconi one, needing fewer process steps.
How do they get away with a design that's so much simpler? The answer lies in the ICs. There's only 3 of them - the smallest is a simple, off-the-shelf
74LSR00 quad NAND gate:

...but the other two seem custom. One is marked
"CT11":

...and the other is marked
"CT12":

They both also contain the text "MCE". This likely stands for "Micro Circuit Engineering", a British company which seems to have been mostly active in the 70's-90's (can't find any trace of them now). The "MCE" name pops up occasionally on various mostly-UK avionics I've seen.
Here's the schematic of the receive section:

The connections from U1's input pins 2 & 3 strongly suggest that there's an op-amp inside in a classic difference amplifier configuration. R15 & R16 are the voltage divider on the non-inverting input, and R17 & R19 are the input & feedback resistors for the inverting input. The rest of the connected components (R20-R22, C8-C10) seem likely part of an EMI-and-reflections-removal filter, similar to the Sallen-Key filter on the National Hybrid module.
(I think I guessed the Q7 & Q8 connections wrong; connecting the base and collector together makes more sense than collector and emitter, putting them in an "ideal diode" configuration)
Here's the transmit section:

Except for the biasing details of the linear output drivers, everything outside the ICs in both receive and transmit sections is pretty similar to the National Hybrid part. You can see that they've rolled all the functions of the many logic gates, op-amps, comparators, etc. and even the output-driver's discrete-transistor feedback loop from the previous module into these custom MCE ICs.
There's obviously some tradeoffs here. With custom ICs, the hybrid module itself is simpler & more reliable, with fewer wiring layers, fewer components to source/inventory/assemble, and many fewer wirebonds and solder joints (possibly the most failure-prone aspects?). However, they now have the extra time investment, cost, and inflexibility of having to design and then rely on a single source of custom ICs. The National Hybrid module could've used equivalent ICs from any number of manufacturers if they had sourcing problems - there are plenty of 74LS-series logic gates, op-amps with similar specs, TL431 equivalents, and similar comparators out there. If Marconi had problems getting their special ICs from MCE, though, it would take a whole lot of time & money (if not licensing issues too!) to take their custom design to a different IC manufacturer, have it manufactured on a new process, and the specs qualified.
In the end, neither choice is "wrong": both have their own advantages and disadvantages, and make more sense in different contexts. The same tradeoffs appear, even without custom ICs, when designing on the PCB level - do you (1) choose a special-purpose all-in-one chip that comes from one manufacturer and is irreplaceable, or do you (2) make the functions you need out of somewhat-generic building blocks (op-amps, logic gates, etc.) with only a few parts (like processors or ADCs/DACs) that don't have lots of drop-in replacements? For portable devices, you're often forced to use choice #1, just to fit size constraints - large companies also can take this approach, as they have more leverage with semiconductor manufacturers (or can buy enough chips for a full lifetime production run, so unexpected discontinuation of parts isn't an issue). For small-run or one-off R&D projects, long-lifetime designs meant to be repairable/manufacturable for decades, or for small groups or companies that are at the whims of semiconductor manufacturers and distributors, though, the second approach is usually better. The Great COVID Chip Shortage I'm sure left its mark on many engineers - the experience of watching distributor stock fluctuate wildly and having to change designs multiple times in quick succession pushed me from a slight preference for approach #2, to a "follow approach #2 absolutely whenever possible" style of design.
Anyways, hope this was an interesting look inside. If more of these pin-compatible MIL-STD-1553 transceivers turn up (from DDC, for example) I'll be taking them apart too to compare.