If you retire the year you turn 55 or later, you can take money out of your 401k without penalty, provided that 401k is with the employer where you last worked. So that argues in favor of moving your 401k to the new employer.
However, because a 72t withdrawal is possible even if you retire before 55, you can make the decision based upon how good are your options in the new 401k and whether you would prefer the flexibility of choice offered by an IRA.
Here is an article about how to do 72t withdrawals:
http://www.retireearlyhomepage.com/wdraw59.html