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Important new updates which we'll see in the new version include an upgraded homepage, improved URL review page, improved tag page, and better web stumbling with Mass Share. The homepage will finally lose the huge, unnecessary header image, at least for logged in users; it will also bring you content based on your interest, something akin to Digg's recommendation engine, done the StumbleUpon way. Not happy with the results? Check or uncheck various topic boxes in the upper right corner as you see fit.
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Other changes include clickable tags on the URL review page, and some minor upgrades to the tag page as well as something called mass share, which hopefully won't turn StumbleUpon into a massive spamfest.