Rough changelog:
lots of major and minor AI improvements.
Enhanced some of the modifier icons in army/navy/air overview menu.
Enhanced industry technologies icons.
Fixed inconsistencies in tech categories and tech dependencies for some medium tank variants.
Slightly buffed submarine speed (it was nerfed considerably three weeks ago)
Buffed airplane naval strike damage by 5%.
Buffed Strategic bombing damage by 5%.
Fixed issues with the soviet focuses/decisions to help republican Spain.
Slightly lowered speed of cruisers and destroyers.
Fixed inconsistent stats of soviet 1942 heavy TD.
Remade the heavy cruiser counter, IMO it looked too large and battleship-like.
Nerfed German tank manufacturer 'MAN', lowered armor bonus from 10% to 5%.

Cumulative changelog:

Improved AI ship design.
Lowered torpedo hit chance against convoys.
Improved AI ship production logic.
Improved AI allies naval invasion strategies. Known problem: AI cant reinforce ally's beachhead.
Fixed various minor AI issues.
Improved AI research, should be less inclined to research techs ahead of time when not important.
Poland improvements.
Soviet improvements.
Fixed soviet industry focuses if some states are out of building slots.
Made soviet purge a bit harsher.
Lowered supply base use and supply factor of light tanks. (from 0.28, 5.5% to 0.23, 4.5%)
Focus search filters for: Australia, New Zealand, Romania, Raj and Netherlands. (Raj not fully done)
Sweden gets event to embargo soviet after baltic security.
removed tech category 'battlecruiser techs'
Nerfed british 'total defense of singapore' focus, now spawns 3 levels AA instead of 4.
Lowered number of concoys one single escort ship can cover from 9 to 7.
Fixed bug where recon companies techs gave the recon bonus twice.
Fixed inconsistent stats of generic CAS 1941 and 1943.
Fixed inconsistent stats of Soviet CAS 1944.
Fixed Egyptian crisis event when Egypt does not exist.
10 new cool loading screens.
Fixed MP corrupted save issue.
Changed main music theme.
Improved industry tech icons.

New update on steam! Rough changelog:
Two new russkie songs.
New mostly late-game additions to the soviet focus tree. Soviet has become a bit weaker early on but with a greater potential late-game.
Fixed error in non-LaR Spanish civil war nationalist starting armies.
Fixed issue with commonwealth/UK AI not upgrading its tanks.
Added some soviet commanders.
Reduced cost of heavy cruiser hull by about 7-8%.
Tweaked base surface spotting values of the ship hulls, all had 20 before now its ramped up from 17 to 30 depending on how large the ship is.
Improved AI handling of the political decisions.
Improved AI handling of some front theater situations.
Tweaked some terrain values slightly, made forest attack modifiers a bit more standardized. Most armored battalions had their forest and mountain attack modifier slightly nerfed.
Nerfed the upgrades for armored cars.
Slightly increased speed of battleships.
USA: office of strategic services now gives an operative slot.
Reduced license cost ramp up of equipment that is ahead owned tech.
Lowered superior armor damage reflection for naval combat from 75% to 50%.
Slightly increased how much naval attack damage is deflected by fleet total AA.
Changed min screening ratio for max screening bonus from 4:1 to 3:1.

New update up on Steam! Rough changelog:
New focuses for Soviet, nerfed starting industrial potential but higher ramp up of production available later on during operation Barbarossa. Each lessons of war step spawns 15 proletarian divisions to help you kick out the German aggressors.
The range nerfs of carrier based aircraft due to the change of carrier sortie mechanics by patch 1.9.3

NAVAL BOMBERS DAMAGE nerfed by about 10%.

Added Iraqi focus tree by BezMemow
USA ai is hopefully a bit more careful with its ships in the pacific.
Fix cosmetic tag for some UK Yemen that was lost in the 1.9 port.
Bombing of Guernica decision for Italy.
Remove remnants of old Reorg China decision setup for Japan.
Nerfed increased luxuries and military demobilization decision.
Increased penalty of unplanned offensive state modifier in Spanish civil war.
MP game rule 'improved performance' that disables certain set of ai countries no longer disables any country that is player controlled at start.
Draft dodging/strikes now properly removed at certain conditions (puppeting, capitulating etc)
Slightly increased speed of infantry tanks. (again)
Added the tank variants to the infantry tank branch in the UK tank tech tree. So they are now accessibly for both medium tank branches.
Draft dodging can now trigger earlier (at under 60% war support) when the first nuke has dropped.
Added some more black/white custom division counters.
Thanks to Bramja for the draft dodging/strikes/nukes improvements.

Lowered German Air innovations spirit bonus to air superiority from 5/10% to 4/7%

Read changelog above