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Seems like the real advantages are being able to adjust the FOV. 120 FPS in WVGA seems worthless. Better quality but the current one is not much worse. The WiFi compatibility is pretty insane but for casual use I really don't see a whole lot of advantage.
I am curious if everything is back compatible as far as the housings.
Some nice new features it appears, but sadly I don't have the money to buy a brand new gopro with some updates features :/ In a way i'm glad it's not changed extensively and doesn't have mind blowing changes cause then I'd be annoyed with the one I have..