They're calling it Star Citizen 1.1 now, which is causing a bit of a controversy, heh.
They're recommending you uninstall and reinstall from scratch. This should allegedly clear up any lingering patching errors going forward.
There are a lot of goodies in here. The Retaliator is hangar ready, now, and the Gladius is flyable and combat ready. Speaking of, I think the Gladius is due to get a free fly week soon to celebrate, which I'll be glad for. I've suspected I'd be upgrading one of my Auroras to one for a while now, but I'm not sure which account needs it without getting behind the stick to compare.
In addition, multiplayer free flight should be a fun way to tool around, introduce new backers to flying, and do silly stuff while hanging out. It'll also be a great venue to practice landing with the new landing system, hehe. Speaking of multiplayer, playing in public PvP Arena Commander matches will earn REC now, and you can use the rental equipment credits to try out new weapons, shields, mount types, and even ships for a week at a time (I think the way I've read it, only days you log in count against you).
Also of note, customizeable controller response curves are available now (sweet!).