It's just a preview, though, so don't go expecting much. What this version does already have, however, is enough to give you an idea on how promising it can get.
* Ability to load the XMB or VIVA during boot time, pressing the left shoulder button loads the XMB, not pressing loads VIVA. No files have to be written unlike Project4.
* ISO/CSO loading (fixed path) with the M33 and NP9660 driver, Project4 only had the ISOFs driver.