Some of the changes that have been made are:
- Totally revamped alignment system.  All alignment system calculations have been simplified to be based upon an NPCs "Ruling Faction".  Setting up alignment situations has now become much easier.
- Combat system improvements - Combat and defense calculations have been tuned
- Stabilized every major system: Boats, Moongates, Grapples, Scheduling
- Massive tuning and balancing of Spell system, monsters, weapons, and armor
- New market system allowing shopkeepers to determine what they will or will not buy as well as dynamic pricing
- Hundreds of fixes and tunings. 

*Note: To save some download time ...and our servers , the contents of Project Britannia M2 are the same as what is being released with Ultima V:Lazarus.  If you already have Ultima V:Lazarus, you can simply copy the following files into your Project Britannia directory:
* britannia_logic.dsres
* britannia_art.dsres
* britannia_sound.dsres

Also note that the map for Project Britannia M2 is the same as the map distributed with Project Britannia M1 with the exception of some new docking points on the island of Buccaneer's Den.

In related news, the Project Britannia wiki has been opened up to be editable by registered forum users.  There isn't much there at the moment, but if any early adopters wish to share their findings and experience it's available.  Since Project Britannia is also the core of Ultima V:Lazarus, we also welcome any Lazarus modders who may wish to dig a bit deeper into how all the systems fit together.

Enjoy!