It's much, much faster. Several optimizations have been made, lots of Altivec code has been added, and the entire sound subsystem has been rewritten. Performance improvements of 25% or more over the original retail version are typical, with single CPU systems achieving a more noticible gain.
Video is no longer corrupted when using certain ATI hardware with Panther.
CD check has been removed. You still need a valid and unique CD key, but we don't require you to have the game disc in the drive any longer.
Fixed bug that caused certain mods (notably, ChaosUT2: Evolution) to crash the game.
Several other mod-friendly fixes and additions.
OpenGL fix: Selig's head now renders.
OpenGL fix: team icons now render.
ALAudio: Support for AL_EXT_vorbis
ALAudio: Support for AL_ENUMERATION_EXT
ALAudio: Can now specify a preferred audio device in your .ini file.
Game now handles "ut2003://" and "unreal://" URLs from MacOS.
F3 will now show personal stats (once you wipe your preference directory).
Now built with gcc 3.3 (the official Xcode version).