From the release notes;
Version 208
+ Fixed PLAY/PAUSE hotkey not working on some MM keyboards
+ Added option where volume control can either influence the system MASTER volume, system WAVE volume or none of the system controls
+ Fixed "Play from here" not working if a song was already playing
+ Added "live" EQ for DirectSound output device
+ Reduced noise on live EQ change
+ Increased DirectSound buffer (to reduce skipping)

From the changelog;
+ Fixed minimise and maximise on playlist
+ Added support for ID3v2 (read and write)
+ Fixed systray tooltip icon not showing artist and song title
+ Fixed some memory bugs (would have shown up as occasional crashes during closedown)
+ Fixed problem resizing the last column
+ Added background load of ID3 tags (this will prevent the delays on loading huge playlists)
+ Added track length to playlist - right hand click in the track's "Length" column to (re)calculate (these are stored in the ID3v2 tag)
+ Fixed track stack advancing over the next song if you remove the current song from the playlist
+ Fixed the volume setting to 100% at the start of every song (affected only a few soundcard/driver combinations)
+ Fixed occasional POP between songs (in OGG and MP3)