I think vanhees has explained it pretty well. From the equations, we get:
u'^{\mu}=\gamma' \begin{bmatrix}{1 \\ \vec{v}'}\end{bmatrix}
So the velocity of the object (or whatever), with respect to the old frame is unprimed. And the velocity of the object according to the new frame is primed. (when I say primed, I mean ' this thing).
And also, the unprimed gamma corresponds to the unprimed velocity and the primed gamma corresponds to the primed velocity.
The reason that this form of the 4-velocity is used, is because it is a four-vector. i.e. it has an invariant scalar product, and you can use a Lorentz matrix on it to boost it. And it has a lot of nice properties. On the other hand, the column matrix:
\begin{bmatrix}{1 \\ \vec{v}}\end{bmatrix}
Does not have all the nice properties of a 4-vector. If you wanted an equation for this thing, then you could rearrange the equation for the four-vector as:
\begin{bmatrix}{1 \\ \vec{v}'}\end{bmatrix} = \frac{\gamma}{\gamma'} {\Lambda^{\mu}}_{\nu} \begin{bmatrix}{1 \\ \vec{v}}\end{bmatrix}
But people don't usually write stuff like this, because the physics is really contained in the equation for the four-vector. So the 'proper' four-vector is the thing that you should try to get used to thinking about.
Also, as vanhees says, if you want to then talk about the new 3-velocity, then you can do this:
\vec{v}'=\vec{u}'/u'^0
Which is a much nicer way, because here we can clearly see how it relates to the four-vector, which is the physically important quantity.