It's the sort of news that has to come all at once to really explain what all has changed. I will give you one bit of a preview of the least interesting parts, though: we've got several new spells, including Seize, Fire Touch, and Ride The Lightning (those spells are actually all really cool, but to tell you what they do would get into some stuff that I can't discuss quite yet); we have something like 40 new buildings, and well over 100 new objects; we have several new character animations; we have the clothing colorization so that NPCs look more unique; we have a new inventory screen system, and we're working on finalizing our crafting interface (which won't be shown this video, but will be next time).
And none of that is the big news, not even close.