Removed:

e-Book reader and the HEX reader.
pspdebug style font.
Added:

PSX loading
Screenshot function
Menu thread giving some background functions in Project4.
New menu when launching games, gives the ability to select directly what kernel you want to load in.
Added a function to load games in the background, although I’ve found none that work. Tagged as experimental.
sysDump function which is called upon a BSoD, used to check system variables.
Changed:

Added intraFont
The menu is now more advanced, you can select the location on screen icons go, and which folder they open when selected.
Folders with a . in them can now be opened.
Folders with lots of files in can now be browsed easier, instead of pressing select and up/down, just move around in the folder and the new algorithm will determine when you have run off the screen and act accordingly.
Universal Installer modules have been tweaked slightly so they no longer cause issues with some offical Sony savegame loading.
Button changes:

I found the buttons held no consistency whatsoever, so I decided to re-work the entire controls for Project4, these below show what all buttons do now:

Main Menu - Right shoulder button
File Browser - Left shoulder button
Extra Menu - Select
Accept - Cross
Cancel - Circle