Cool - I just emailed Mike. What exactly does the new software give you?
Got my update email. With all the 'warnings', etc. regarding costs of 'unlocking' if the upgrade doesn't work right, I've decided not up update mine. For the simple looping I do for practice/rehearsal, the functionality of the III without the update is more than adequate for my needs.
Here are the two things the upgrade will give you, according to the website:
Sync Play Style - all loops can play simultaneously and are synced so they stay together
Free Play Style - all loops can play simultaneously and are NOT synced; this is great for creating ambient soundscapes