You can get at this value through the CurrentCell.Renderer.
private void gridControl1_CurrentCellValidating(object sender, System.ComponentModel.CancelEventArgs e)
{
string newValue = this.gridControl1.CurrentCell.Renderer.ControlText;
string oldValue = this.gridControl1[this.gridControl1.CurrentCell.RowIndex, this.gridControl1.CurrentCell.ColIndex].Text;
Console.WriteLine(newValue + " " + oldValue);
}