You're not missing much.
Quoting myself, that's mad.
Anyway, I was wrong. Version 2 fixes a lot of the issues I had with version 1.xx. The local adjustments available via the brush thingy are pretty impressive. Makes me wonder how good it would be when using a graphics tablet. This could be improved further still with the addition of a navigator panel though, as it's sometimes difficult to see exactly where you've applied subtle effects. One feature which is almost worth the entry price on it's own is the ability to show a second window. This allows me to have the library module open on my laptop whilst using the develop module on my desktop monitor. I can also configure it so it shows the print module on the laptop whilst I edit. Excellent.
If they could just add a navigator panel - I know a lot of you guys are way more experienced in Lightroom than I am so maybe I'm missing something - I'd give this new improved Lightroom a well deserved 95%.
Various lenses, SB800 & Manfrotto 190 with 460MG head