Pax,
The Tridentine canons are legislating the mass; keep in mind this is (shortly) before Quo Primum. The part about mortal sin means if the priest purposefully adds things to the formula, he sins. Not that the faithful who attend a mass where this is done sin (they wouldn't know about it in most cases anyways, given the relative silence of the consecration). Certain rites and uses of the liturgy throughout Europe not infrequently enjoyed organic developments with prayers being added over time (In England alone there were three or four uses-- Sarum, Durham, York). The legislation you're quoting is saying that you can't do that to the consecration formulas.
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If Paul VI was pope he has all the authority in the world to re-legislate this type of thing, and infallibility would protect him from doing it in a way that invalidates the consecration.
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The validity of it, as mentioned, is more of an academic point (an interesting one, too). As a matter of praxis, the most powerful reason not to attend the Novus Ordo is that it is, at very best, an extremely inferior form of worship without any uniquely Catholic expressions of faith. I wouldn't want to be misconstrued as suggesting that it should be attended, as I believe quite strongly that it shouldn't be.