The update mostly pertains to the Pattern Player. There is now a Swing control, which allows the user to fine tune between straight 1/16 notes to full swing. There is also a new "Humanize" control, as well as a "Speed" control. There are also some minor bug fixes to the animated graphics.
The update is free to existing users.
RealiBanjo requires Kontakt 4 or Kontakt 5 (Free Kontakt Player not supported).
Price: $59. However, to celebrate the update, RealiBanjo is on special for $29.