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From the Official Site :

ffdshow is a DirectShow decoding filter for decompressing DIVX movies. It uses libavcodec from ffmpeg project for video decompression, postprocessing code from mplayer to enhance visual quality of low bitrate movies, and is based on original DirectShow filter from XviD, which is GPL'ed educational implementation of MPEG4 encoder.

Features :

• fast video decompression using optimized MMX, SSE and 3DNow! code
• support for different codecs: XviD and all DIVX versions
• image postprocessing for higher playback quality
• automatic quality control: automatically reduces postprocessing level when CPU load is high
• hue, saturation and luminance correction
• experimental sharpening filter
• completely free software: ffdshow is distributed under GPL
• noising (of course if you want it)

Playing back .MP4 H.264 encoded movies:

• Use VideoLAN which has a built in .MP4 reader and H.264 decoder
• Use Media Player Classic or Windows Media Player and ffdshow
• For more information on how to play back, encode and convert MP4 files, please refer to our MP4 Usage Guide

There was no change log given for this update but, you can download the new version here.