These are the changes for update 2:
IMPROVEMENTS:
New player pictures, loading screens and tickets
general database update
possibility to turn-off the chance bar in word-by-word live ticker
possibility to play Live Season with your own database
tooltip indicating the remaining points until the next player manager level is reached
AI clubs cut back on club facilities and deconstruct buildings, if the club is underperforming; renovations are also carried out realistically
Unified depiction of all status and mood bars including current and max value or with a respective text status
OVERHAULED AREAS:
prestige (e.g. promoted teams do not receive too high bonuses)
strong players in strong teams will not be moved to the second team any more
old players will become weaker slightly faster than before as they become older
clubs prolong contracts with their players sooner
clubs are now searching the transfer list for players without a club more often, as a consequence top-players don’t end their careers.
Youth players improve slightly faster in the youth team
release clause now appears only very rarely and with 100% of the market value and not just with 50%
huge talents can now only be loaned without a buy option
changes in player talent depend on the grades he gets in the games and on the league he playes in
more injuries in the live ticker mode
improved handling of rather extreme formations in the live ticker mode
more spectators when playing against arch rival
you can now still by merchandise if the “misc” budget is below zero
General User Interface revised
several general improvements concerning the long-term AI finances
BUGFIXES:
reserve team problem in the Spanish/Austrian league fixed
Found-a-Club bug in Italy fixed
Scottish league: point now also count after the first phase of the league
players are now correctly presented during presentations and introductions (e.g. in the stadium)
TV revenues of promoted and relegated clubs are now correctly calculated (used to be postponed by one season)
player development: problems concerning strong indifferences between position level and ability level were fixed
problem with players incorrectly produced on the right respectively on the left side fixed
You cannot get fired in the Found –a-Club mode
Found –a-Club player won’t receive any questions mentioning an ejection or the board
Live Season now also quotes short appearances
players without a contract which enter the game at a later point of time now also have correct contracts and entries in the player history
if a manager resigns from a big club and then gets an employment at a smaller club, his salary will now be more realistic and not as high as before
drag-and-drop now works well in the “fast lineup” screen
first team: drag-and-drop sorting will be maintained
Text mode: cards that are dealt the same minute as goals will not be shown under goals
chance bars in the text mode conference now act according to the games’ events
3D: “hold the ball” now functions properly
3D: club anthem is not played during national team games
3D: club names are portrayed correctly in all options
3D: radar remains visible even when switching through different modes
maintenance costs for youth camps are now also calculated correctly for AI teams; AI now also recruits more players from their own youth camps
Found-a-Club: Fan assets now work as they should, initiation date is now shown
different stand names in different stadiums are now possible
repeated re-naming of stands is now possible
national team: more players are now scouted simultaneously
Results with high changes in prestige were set into proportion
national team widgets were overhauled
The rating of the club facilities in the home screen now works properly (not only one star ratings)
player level is now depicted correctly in the various negotiation screens
simulate to next cup match now possible.
In addition, many smaller issues have been addressed and fixed.
Online players playing with update 2 can only play with other players who also installed the update.
Old savegames can be continued with the new update, however some fixes might not apply (like e.g. the league script changes)
We also opened a new discussion thread in our forum, where you can share your experiences and suggestions for update 2.
Originally Posted by x2z 
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