According to ProFantasy will be releasing FT3 at GenCon this year. It has some interesting features, including some that aren't readily apparent (hint: holding down Shift while activating a feature may lead to new and interesting behaviors).

The big feature is direct CC3 compatibility, with sheets in the output from FT.

It also has a new shader that colors the landscape based on image swatches applied to climate types.
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For you Google Earth afficionados, basic KMZ output is also an option.
(there would be an example KMZ file here, but the forum doesn't like that file type)

So is 16-bit PNG heightfields for those times when you need a little better precision for your bump maps.
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Overall, it's a pretty reasonable upgrade from the last release, I'd say.