Okay here are the things that I have noticed in the new patch (I am running on Extreme setting with only shadow set to medium)
1. More graphics options
2. Much smoother performance. (No more FPS slow down at the menu or inventory screens! And no more laggy mouse when the dialog selection screen comes up.

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Though there is still very noticeable stuttering when you are running around in the world. (It is the worst in heavily wooded areas. And strangely, my FPS never dipped below 35 FPS, and SLI setting for my 295 GTX doesn't change the behavior.)3. Better inventory textures. And in-game textures in general. They are much much more detailed now! Seriously they are gorgeous!
4.
MANUAL TARGETTING system! You can bind keys to "tab" target!
5. Difficulty option added.
6. Much longer view range (at highest setting).
7. Swimming animation is improved. Your character actually swim
in water (for the most part) rather than "floating" on top of water.
8. Water looks "livelier." Water in river has a better flowing animation.
7. (Not sure if this is completely new, but it definitely wasn't working for me before) You can access selections using the number keys.
9. Did I mention much more detailed textures? At the highest settings, everything in the game looks so much more detailed. I could swear that under different lighting, your character and esp. your minion even has a very artistic "cell shade" look to them.
10. I don't know if this is true or not, but the initial CD check seem to be shorter. Perhaps a securom update? (Also, exiting the game is much much faster now)
Edit2:
10. New and much faster box destruction animation with PhysX enabled.
Though, I have encountered few issues. I will only mention the ones that are graphic related since I am playing the "modified" version of the game. (Edit: btw, to those that have also purchased the German version of the game, you'll be happy to know that the "PhysX version mismatch dialog box is actually in English now!
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1. Stuttering problem as I mentioned above in RED
2. Minions does NOT cast shadow, even with the highest shadow setting.that is it for now. I will test some more.