The changelog is pretty big... since I rewrote the whole thing from scratch. You have all the functionality of the old version and many new features.
Here is a short list:
- Menu now generated using libmenu-cache.
- Icons found using a custom mlocate database.
^^ The above 2 give the biggest performance boosts.
- Completely configurable menu root.
- 'Entry tags' which allow preservation of custom entries and changes even if menu is regenerated.
- Translations fully supported.
- Debug mode.
I think these are the major new things in version 3.
 Another feature I should mention is that user installed applications, e.g. apps installed in WINE are also detected by the menu