First up, the developers apologized for taking so long with the update; the delay is due to their upgrades to the Unity engine. In the update blog released today, they said, "This was a big step forwards for the game, and Battlestar Galactica Online is now better looking, smoother and more stable than ever before." Unfortunately, as a result of all the time spent on upgrades, not all the big bugs have been addressed, but the team promises to get right on those.
So what was implemented? Merits are the PvP currency for BSGO, and with them you can buy either the Viper Mk VII or the Cylon War Raider. You can also gain the much-desired ability to command a Battlestar or Basestar. Secondly, you may now exchange water for cubits. The team is certain this one will be a hit among players. Lastly, rewards such as XP and loot have been scaled according to player level: higher-level players will now receive fewer rewards for low-level "easy" kills.
For the full story, jump to the developer update on the official website.