I just got a chance to install the update today, and it's working nicely. I like double-pressing the sleep button to skip tracks without having to turn on the device and press the ">>" button (which I have actually gotten pretty good at doing without looking--good as I can be on a touch screen, anyway).
I couldn't find this listed anywhere, but the new update also has a fade animation when the background artwork changes between songs. I think the previous version had a sliding transition. Can't say I prefer one over the other, although I think I liked the slide slightly better (but maybe they changed it because it would get "stuck" sometimes if it it was thinking too hard).
Additionally, you now have to wait a few (esimated) milliseconds longer for the display to turn on after pressing the sleep/wake button. This is obviously a consequence of the new double-pressing feature, but it's definitely a noticeable delay. Thankfully, my #1 reason for turning on the display--skipping a song--has now been eliminated as a result of this very change.