The new patch contains a boat-load of tweaks and upgrades, including the switch to an updated Unreal Engine. The dev team has improved the UI, rebuilt the gathering system, added more custom helmet overlays, created a unified options system, and even added support for Oculus Rift rendering and control.
And if you worried that Mortal Online might be losing its savage edge, then you'll be glad to read the following patch note: "Tweaked decapitation blood for more... blood."
[Thanks to Graham for the tip!]