While they didn't publish any changelog, so we have to figure out by comparing with an older version, like 00.00.05.04.
I decided to re-baptise my new CVLM-I234-2GEN as CyberNova WIP604MW, because that's what it really is and since the firmware upgrade to their version 00.00.05.07 went so well.
The most obvious addition is in the main page (IE interface only), where the Aspect Ratio can be changed: 4:3, 5:4, 16:9
In the same area, the Video Size can be set as low as 160x120
On non-IE browsers, Mirror and Flip have been added to the interface.
Preset.htm file is still there but nothing new in the interface neither. These two features would bring this camera almost on par with the Tenvis IPRobot3.
The IR led problem is not resolved and the relay will go clicking endlessly at times. I've tried to isolate the light sensor with black tape in case it would be reacting to the IR LED but it didn't help (Update 15/01/13: After some time with this fix in place, it seemed to reduce the frequency of it but did not eliminate the problem completely).
Contacting the customer service: I recently emailed CyberNova and they replied promptly. According to them a new firmware version should be available around the 29th of November.