There's many new features to VLC 2.0 and among them is faster multi-core video decoding support (GPU decoding too), support for more open-source formats (including HD and 10-bit codecs), a new video rendering pipeline, experimental support for Blu-ray discs, and new device support. There's also hundreds of bug-fixes in the more than 7000 commits that make-up VLC 2.0.
Some of the other highlights include GLSL shader support in the OpenGL output for color-space conversion, new filters, Broadcom CrystalHD and Android OpenMAX hardware decoding support, and various improvements to several demuxers.
More information on the VLC 2.0 release along with download links is available from VideoLAN.org. There are Windows and Mac OS X binaries available, but for Linux users "Ask your favorite packager for VLC 2.0!" The source-code to VLC 2.0 is available for those wanting to build it from source without waiting on distribution packagers to offer up native Linux packages.