This page explains the new updates: http://my.mmosite.com/blog/mmosite/Blog/Item/9f14ba37deb04ad61433e1b67bc2cd14.html

I will make a summary here of the new features:

My panel - allows easy management of articles, friends, comments and private messages. It also has statistics about views and updates about your friends.

By clicking the settings button you are able to change the privacy settings to control what others see of you and change the update settings to control what you see of others.

So in conclusion it allows you to manage your blog more easily and keep up to date with your friends!