Worth saying that Bulwark never gave Entrenched: it only gave Guarded. You needed to Brace to do both.
My gut feel is that the current skill pass has the slightly ironic side-effect of making Bulwark arguably even *more* essential. The flip side to that is now everyone gets to learn the tactical fun of punch/counterpunch we old-guard evasionistas got so good at. (Hearing Kiva talk about how people were "learning" that wide open spaces were deathtraps got a laugh out of me: I've been terrified of those since learning about their dangers the hard way in my first campaign)
One fairly nice side-effect is that Sure Footing/Bulwark actually has a clear synergy, making Outrider/Brawler pilots outstanding tanks. I struggled to get Outriders to work for me in Vanilla, but they're clearly a strong build with the numbers as written.
As for those times when we're stuck having to trade between them, by the numbers Bulwark is the better defence. Yes, lunar missions don't have cover, but they *do* have plenty of craters and ridges and excellent firing lines which from my experience tends to mean controlling fire is both slightly easier than in other biomes. As long as you're doing that, you won't be too terribly disadvantaged by losing out on an evasive pip, especially as the OpFor is also slightly more fragile in those contexts and you still have the option of using Vigilance.
That said, I've evasion tanked multiple ironman campaigns using numbers that aren't far off from what we'll get with 1.3 so it's clearly still a viable strategy, even if it's not strictly speaking as efficient.
Can you check that for me on the stock 1.2? Since backer beta Bulwark gave both, but Entrenchment was never listed in the text about Bulwark. I'm testing some custom mod crap in the 1.2 ability beta and don't want to wipe everything by reverting back to stock, but I'm fairly sure if you Bulwark up in 1.2 and before you would trigger both Guarded and Entrenchment. Let me know if I'm wrong about it.