ARS Technica wrote a review about the new features of Photoshop CC, you can read it over here. Notable updates in the new release of Photoshop include the long-awaited Camera Shake Reduction, which seems to work pretty well, Smart Sharpen, better image upscaling, Camera Raw 8 as a filter, editable rounded rectangles, updates for 3D painting, and lots of other updates. The biggest drawback of the new Photoshop CC is of course the new licensing model, Adobe's new Creative Cloud licensing means you can no longer own the software, you now need to pay a monthly fee.
With the newest Creative Cloud release, Adobe has completely done away with the old own-and-upgrade path, forcing users to the rental scheme in which they no longer own their software. Stop paying your monthly fee and you'll lose access to the programs you were paying for. Adobe’s official reasoning is that it was too costly to maintain both a disk-and-update system and the cloud versions—but excuse me if I fail to shed a tear for the company that reported record profits in 2012 despite a sluggish economy and the steady decline of Flash. If the new licensing scheme was intended to prevent piracy, it didn’t work. As I mentioned above, the pirates actually get the installers and no logins that paying customers don’t have access to. Figure that one out.