Taken from TSM's facebook page:
Here is a list of what will be included in the new update!
New Feature: Free Play Ambition - Set up your perfect kingdom without worrying about long term goals. In this special ambition, you can play quests when you wish, or control up to four heroes at once in a more open free play mode.
New Feature: Child Succession - If a Hero Sim dies, but already has children, you can choose to have one of the children grow up and take over their parent's job!
Camera improvements - Have you ever wanted to get a better view of the action? The camera now allows tighter zooming and full 360 rotation in buildings.
End Game Improvements - Similar to the Free Play Ambition, can now play quests, earn XP, and build buildings even after your ambition is completed!
Hero Leveling Improvements - Can now gain XP beyond level 10 for all heroes, giving additional benefits.
Brave New World Quest Improvements – When you complete the quest "Brave New World" and start a new ambition with that character, he or she will now retain several abilities from their previous profession!
Kingdom Aspect Improvements - Can now gain additional benefits when increasing aspects beyond their maximum capacity
Ambition Improvements – Certain ambitions now allow one or two additional buildings to be placed at the start.
Increased the maximum number of residents in a household from four to five. Go ahead and have another child!
Implemented game stability improvements that affected some players.
Adjusted several quests for clarity.
Fixed several bugs related to staying on a quest for a long period of time.
Improved detection of monitor resolution for some hardware configurations.
Fixed a variety of issues in Create-A-Sim.
Fixed several text and art inconsistencies.
Which update are you most excited about?