It will be a few weeks before I can start to play with the new TE in earnest but I had a quick tinker. It looks like a huge improvement on the old TE. I particularly like the way you can set up the terrain types as a map in a graphics editor.
One thing I noticed was that there are now over 8000 "water not 0" points in my old terrain, which had none before. It seems the tiles are slightly out of alignment with the grid in the new TE. I didn't try saving the old terrain with the new editor yet so maybe that will fix itself when I do.