The app will auto-update.  Here are the release notes:

Scrollbars

  • Shown as needed, just like iOS and Mac OS X Lion
  • Nice looks that don’t interfere with the mood

Live Resizing

  • New setting for linking column and row count to window size.

Integrated Graphics Cards

  • Support for many on-board graphics cards from Intel
  • Tested and working on the 2011 13″ MacBook Pro, among others

Command Files

  • Launch “.command” files from the finder
  • Can contain shell scripts or simple commands
  • Relaunch from the “Open Recent” menu

Terminal Options

  • New “Terminal” section in Preferences (some options have moved)
  • Close on exit
  • Delete sends Ctrl-H
  • Scroll on input
  • Dynamically change the scrollback buffer size

Bugfixes

  • Fixed a crash that was occurring on Asian language systems
  • More accurate terminal emulation