Update contains bugfixes and some of the best user banks from stuff are now bundled with the registered version, including: Alexeus Knober BASS, Consonance, Gonzo, PsyKick, PsyBass, Teh Flos Bank and The Fall. Enjoy! That's more than 1300+ patches total!!
A full list of changes can be found here: http://karmafx.net/news.html
Full install is not required.
Registered users can either update online by selecting Check for Update Now... in the menu (EDIT: i.e., the menu that appears when right clicking on the workspace) or use their download link.