I presume you have the 1st ed? Why not check the 2nd ed by yourself?
LINK to free rules PDFThe free rules lack the magic items, but these can be found in the web with decent fu.
The 2nd ed comes with many more armies and more variation. People also say it's better balanced (after a campaign of test games with test rules), but as I didn't play the 1st ed, I don't know.
10 of the new armies have a freely downloadable army book, with one or two units and all the fluff cut off:
LINKRumour has it that there will be a tournament comp this spring.
-Z