Benefits include:

• Simpler to read - selected keywords and phrases are now displayed within boxes, making it easier to parse a list of keywords
• Quicker to add tags - is now as simple as clicking on the word or phrase you want to add
• Faster deletion of tags - remove a keyword you do not like with one click
• More modern UX - the keyword browser now appears in-line, instead of as a pop-up
• Simpler - "search" and"filter" have now been folded into a single search mechanism 
• Clearer hierarchical tags - the full hierarchy (e.g. "apples/red" in the example above) is now shown, giving more context

Limitations:

• It does not currently support the lesser used "browse by hierarchy" configuration option and so will not be activated for clients who have this as their default.
• It does not support keyword pickers with more than 10,000 values.