Core:

* New build system, allowing 64-bit binaries (around 10% faster)
* Soft subtitles and Closed Captions:
- DVD Closed Captions
- ATSC Closed Captions
- SRT subtitle import
- Text soft subtitles in MP4 and MKV output
- Bitmap soft subtitles in MKV output
* Better support for DVD inputs:
- Uses libdvdnav
- DVD angles support
- Workaround for libdvdread malloc bomb on invalid PGC entry
- DVD drive region detection support in Linux
- Handles DVD programs with more than 16 streams
- No longer tries to detect and discard duplicate titles when scanning
- Libdvdnav patched to perform read error recovery
- Libdvdread patched to allow raw device access in Windows
- Handles poorly mastered DVDs that had the menus ripped out of them
* Better support for non-DVD inputs:
- Preserves MP4 metadata
- TrueHD
- DTS-HD demuxing
- 8 bit audio
- Better handling of transport streams where audio starts first
- Better handling of transport streams that have been spliced together, leading to duplicate timestamps
- Better VC-1 frame detection
- Fixes bug that was causing one sec. of audio to be dropped on many ffmpeg files
- Looks harder for aspect ratio info from DV sources
- No longer truncates the last (dummy) chapter
- Allows specifying field parity for detelecine and decomb
* Better AV sync
* Support for sources with no audio
* DTS passthrough for MKV
* x264 bumped from r1169 to r1347, which means speed optimizations, new default settings (see r2742 commit comment), the magic of macroblock tree rate control (mbtree), a new CRF curve (meaning you will get different, generally lower bitrates at the same RF, with similar quality metrics), and weighted P-Frames (disabled by default for Baseline encodes and the AppleTV preset).
* Better sample interleaving
* Better, optional deinterlacer for decomb (EEDI2)
* New mode structure for the decomb filter
* Variable verbose logging levels
* Fixed timing for first two frames coming out of filters
* Libtheora bumped to 1.1.0
* Improvements to our theora implementation (2 pass encoding + soft target rate control)
* Caters to Theora's insistence on content having mod16 framing dimensions specified
* Flushes LAME encoder's final packets
* Fixed interjob framerate calculation
* Fixed pthreads regression in cygwin
* Tweaks for packaging tools
* Solaris 10 build support

All interfaces:

* Live video preview
* New subtitle tab
* New filters and picture settings inspector
* Custom anamorphic mode
* Updated Sparkle
* Custom number of preview images
* Quality slider now works off actual rate factor/quantizer values instead of percentages
* Partially updated advanced x264 tab
* New built-in presets
* Use libdvdnav by default on DVD sources
* Removed Constant QP encoding option for x264 (use CRF)
* Various bug fixes and UI tweaks
* x264 turbo 1st pass mode now uses subme=2 not subme=1

Windows:

* New audio tab
* AAC audio source decoding bug fixed
* Tray minimization is now optional
* Queue can now be started from main window
* Growl for Windows notification support
* General UI improvements
* Preset import
* Preferred language control for audio dubs and subtitles
* Fixed file extensions resetting to m4v when enabling chapter markers in mkv
* Faster updating of GUI elements from CLI data
* Cleanup / Improved some of the programs options. (Growl, use m4v, drive detection)
* Numerous fixes in the Picture Settings Panel and CLI Query Handling code.
* Bug Fixes and Usability improvements.

CLI:

* Options to handle new subtitle, anamorphic, and preview features
* --srt-file, --srt-codeset, --srt-offset, --srt-lang, --srt-default
* --native-dub option lets users request dubbing instead of subs when the audio isn't in their native language
* Allow encoding sources with no audio without explicitly stating -a none
* Update checker on MinGW built exe should now work correctly.
* Matches GUIs' default verbosity level of 1