It adds transparency effects (not actual transparency, but well it looks like that ), although it's not fully understood yet.

Fixed palette transformation for flashes, and fadein/outs, now blacks properly fade to white.

Fixed crashes in some zoomin ending sequences in SF3 games.

Fixed a 1 pixel offset in the framebuffer that was causing a 1 pixel column problem in the left side of the screen sometimes.

Added support for Nebula external video plugins (there is some source code and the interface documents in the plugins folder).

Added CHD (MAME's compressed Hard Disks CD Images) support.
Just put the .chd files in the CHD folder in the main directory (sorry, no path selection for it). And the bios (or the full roms zip) romsets in the ROMS directory. When loading a CHD romset, the emulator will run the entire startup sequence so it will take a while to boot (early games just have a black screen) while the bios waits for the cd to spin up.
You don't need to go through the flashrom rewritting sequence, although you can see how it looks (just for fun, as it doesn't actually write anything) by going to Test menu and selecting "Game Rewrite".
Using CHDs doesn't have an actual benefit (except for seeing the exact startup sequence of the game machine) apart from being able to run Warzard in any region because Warzard always checks the cd ingame unless it's set to asia, so by having the real CD emulation through CHD, you can run it in any region).

Fixed CHD reading for the Alt Versions
Fixed Jojoalt rom 10 CRC, it was loading the one from the parent jojo set.
Fixed crashing in sfiii3 when Ken finishes Makoto with neutral throw (kicks).
It's actually a bug in the game (fixed in sfiii3a). In the real board it would cause an address error (misaligned jump) and would reset the machine due to watchdog. In the emu it will just freeze the game because there is not watchdog, just hit F3 to restart the game.
Fixed Jojo games damage level.
It was a core bug in the ADDC (add with carry) opcode, so it could be causing problems in other games too.
Added support for joypads with more than 8 buttons.
Re-enabled the Unload Rom button
I disabled it because it fails more times than works, but there is some people that actually used it, so I've enabled it again.