The update fixes a reported address search issue, improves GPS reception and makes some improvements to the user interface.
The previous version of the U.S. $34.99 app added text to speech and a better method of text entry.
As we've mentioned before, the competition in nav apps is going to get very interesting if Apple allows the Google nav app into the app store. It will be free, and has a host of features that are not currently available in the paid apps that are shipping for the iPhone now.
With the FCC watching the relationship between Google and Apple, I'm thinking Apple will have to let the app in, but Apple has surprised me before, and not always in a positive way.