We posted an updated 2.0.1 build which should fix the slow updates on some machines (it was always fast on mine for some reason, but slow on my laptop).
What you are seeing is a BIG misunderstanding, I will have to figure out how to document it better.
The Krakatoa Channels Modifier is Magma 1.6. Even in 2.0, it is the same old modifier. It supports only one output, lacks a lot of the new operators, uses a single Editor for all KCMs and so on. YOU ARE NOT SUPPOSED TO USE IT unless you are passing data back to people using Krakatoa 1.6. You are supposed to use the modifier called “MagmaModifier”. That is the 2.0 implementation. Note that the “KCM” icon and the Krakatoa > Add Krakatoa Channels Modifier… menu item both apply the NEW MagmaModifier.
When a 1.6 scene is loaded and Krakatoa MX 2.0 is installed, the old Krakatoa Channels Modifiers in the scene are converted automatically to Magma 2.0 Modifiers. That explains the difference in the appearance. The new modifier (once you update and fix the slow updates) is vastly superior to the old KCMs. It can still load KMF files (File > Import Magma 1.x KMF Flow…) and will attempt to convert them to the new flow format. You can also use the browser in the editor’s command panel when no node is selected to load both 2.0 and 1.x flows without using the File menu.
There is a non-sticky option under System Preferences to skip the conversion of old KCM to new MagmaModifiers, and we found a few bugs in 3ds Max itself that prevented this conversion in some cases (a 2.0.2 build should be available next week with more fixes, but I can post the updated scripts if anyone wants them).
The Magma 2.0 has a huge amount of improvements - separate editor per modifier, multiple Output nodes per flow, multiple Output sockets per node, Default values for Inputs, MAXScript-based flow format for sharing online, better Debugging mode, custom Texture Sampling, Proxy Particles data sampling, better geometry operators with access to more channels, better Curve operator, Normalize option in Noise functions and much more.
So we kept the old KCM around for compatibility, but you should start learning the new MagmaModifier. You can download the updated build from
http://www.thinkboxsoftware.com/krakatoa-downloads/