It means whatever you want it to mean. In that case I’d imagine it means you’re getting an XC bike that weighs a bit more than a ‘modern’ design, or a trail bike that only takes 100mm forks and a longer stem.
On a side note it depends on which ‘old school’ it comes from. Take the new transition covert everyones queing up to spaff one over. It’s the same tall BB, slack head angle geometry the canadians have been building since the wheels were chizzeld form stone. Specialized have always built bikes with low BB’s, short chainstays and long wheelbases, trek have always built bikes with no real supprises in the geometry.
The ‘new skool, super slack/low/RAD’ frame design isn’t as widespread or as new as the marketing men would have you believeing.