Apparently being rewritten from the ground up, the new and improved application is set to offer features like native full-screen mode in Mac OS X Lion and experimental Blu-ray playback support. It's also worth noting that the change log mentioned porting to Android and iOS platforms to be in the works as well.
And of course, expect some dramatic (and long overdue) changes to VLC's interface. Playlist and video output are merged into one window, with various audio and video filters accessible through different adjustment panels. Also, users now get the choice of switching between the standard gray or new predominantly black skins.
Finally, 2.0 has also added support for VLC's lua-based extensions, which allow users further interactive options like fetching movie information or subtitles, or even posting to Twitter.