The new version was released to the public yesterday -- it's still not available through auto-update yet, but you can get it by going directly to picasa.google.com and downloading the latest version from there. There is nothing much new -- it's likely more of a bug fix release with a few goodies attached.
- New RAW processing engine with support for more cameras and improved color.
- New color engine for "tuning" fixes.
- Added support for Google Photos Screensaver.
- Improved BlogThis! reliability.