There are now context menus that provide easier access to some basic functionality. You can right click in a cell to perform actions like cut/copy/paste or you can right click on a row to perform actions like inserting and deleting.
Cell formatting has been improved in this release as well. You can manage borders using the new toolbar item, and you can also use the copy/paste function to change only the formatting of a cell if you don't want to lose data.
Even though this is a minor update, it shows that they are continuing to improve the product. I have a feeling the Googlized version of Writely will be making an appearance soon too -- the sub-sub domain has been created (writely.l.google.com) which is usually an indication that the sub domain (writely.google.com) shouldn't be far behind.