You can see the release notes for yourself, but there are some big improvements such as the ability to edit more hardware (like add drives, which I needed last night, and the presence of a floppy drive), host only networking, as well as other cosmetic changes, like the ability to remove the big ugly toolbar. So all in all, things are coming along nicely with the product. I guess the big question will be the price, which for me would be the only reason for switching to Parallels.
inet 172.16.184.1 netmask 0xffffff00 broadcast 172.16.184.255
inet 192.168.85.1 netmask 0xffffff00 broadcast 192.168.85.255