Excerpt from the folks at mojang.
Below is a list of some of the added features:
- Bow Enchantments
- Golden Apple recipe
- New language translations.
- Slightly smoothed color transitions between biomes
- Reduced brewing time to 20 seconds
- Added spawn eggs to creative (the colors of the eggs even look like the mobs)
- Added world type options (currently only super-flat and default)
- Removed collision box from ladders
- Sheep eat grass and regain their wool
Plus many bug fixes!
And you can see the latest updates in action here on YouTube: