Perhaps it's just a naming thing?
I'm trying it now and the entire interface has been re-written. It could just as easily have been called '...Studio' as version 2.
Looks good so far:)
Later: As far as I can see, the functionality remains the same. You can select compression for individual titles, but only in steps. Re-authoring still leads to a 'flat' DVD, with the titles played sequentially and without menus.
The compression algorithms are said to be tweaked, but apart from that and the new interface, it's pretty much 'as you were'.
Maybe the 'studio' is still under development..?