Check out the video's for a quick run down... Definately worth checking out in my opinion its one of the best free game development tools..
Here is a quick list of new features;
-All-in-One: edit and manipulate terrain in one panel.
-Height Map Generation: generate terrain with simple effects and erosion using eight to 32-bit height maps. Also, manually apply erosion.
-Brushes: built-in, high quality brushes. Plus the ability to import custom brushes.
-Level of Detail: up to 4096 x 4096
-Procedural Materials: using material layers, paint materials onto the terrain. Rock layers with tri-linear projection, ground layers and high-detail textures with no tiling effect supporting an infinite number of painted material layers.
-Custom Maps: diffuse maps, normal maps, splat mask maps, as well as custom maps from external terrain generation tools like World Machine.
-Advanced Real-Time Rendering: optimized run-time rendering, displacement map, level of detail, tiles and deferred shading support.
-Sky: a fully customizable, drag and drop sky environment. This effect includes a time of day manager, light scatter effect and high dynamic ranger (HDR) rendering.
-Water: customizable water effect with realistic water behavior, surf, optimized height map system and projective grid computed on GPU. This effect is available in VSL through the vkWaterGenerator class, but will be made into a drag and drop effect soon.
-New Camera Effects: camera effects that add bloom, depth of field and high dynamic range (HDR) rendering.
Allow computer-controlled characters to easily navigate highly detailed environments with automatically generated navigation meshes and material boundaries.
iV - Immersive Virtuality New Features (VR)
-Sensorial User Interaction (SUI)- a data model for the users body in 3D space
-Drag and Drop support for high level SUI Scenarii
-Support for UltraHD resolutions
Sound System - Completely rebuilt from user feedback!
-Improved sound asset workflow
-Native Support for WAV and OGG files (Mono & Stereo, PCM (uncompressed), Vorbis codec, No codec dependencies on player side!
-New Sound Player with Loop mode, speed control and volume controls
-New control panel for Play/Pause/Stop integration into GUI
-3D Sound Support
-VSL and SDK bindings persistent through Studio versions (remain unchanged)
-Support for Curve generation from within Studio
-Editing Curves through control points & point tangents, smart tool grid helper for positioning of 3D Curve
-New building blocks added: Curve Follow, Curve edit, Control Point edit
Improved import from Solidworks 3DXML files
-Multi-Material per mesh support added
Global Search function added to ease complex project searches
-Search all VSL Scripts referenced inside your project
-Search all Shader files, including built-in .fxh files
-New shortcut key "CTRL+SHIFT+F" when inside VSL or Shader Editor
-Task Group enhancements - List of all behavior's instances with actor names / Control behavior execution priorities.
-New Window Docking System - improved window customization
-Usability Improvements - Explicit display of unresolved components including name of component.
-Improve runtime performances by using threaded task "Parallel Task Group"