The new version has just about a bizillion changes.
Scale Down
All 1st forms complete
Transformations
new maps
new jumps
new animations with custom skeletons
new graphics (Joe has been tight-lipped)
reskins of old characters
new game mode (cap the dragonballs)
server side selectable model locking (grrrrr
)
better defensive ability while in PS's
block disks
new melee system
All of this has been said by team members in other threads
and there is probably more that I'm not remebering . . .