Only briefly and hadn't tried the previous version so can't compare them. IMHO it doesn't compare to LFS yet, seems to be using the pacejka formula for tyres which a lot of older sims used and feels out of date now. Other than that can't find fault with it (considering its the 1st beta), the mod tracks are good, Nurburgring is really nice, and car mods should should be allowed fairly soon too.
Performance is good, graphics are more or less on par with LFS, has weather, not tried online multiplayer yet, know there where some issues and this release was supposed to fix a good part of them but not checked yet. Takes a bit long to load but doubt anything's been optimised there yet and probably has a lot of debugging info to load as its a beta. Best bit for me, it runs perfectly on wine/linux (as does LFS)
The PiBoSo (omg, that's freakily like FoMoCo to type) release I'm watching closely is GP Bikes, it's the most accurate bike sim for a long long time, better than GP500 in many ways, there is a GP bikes thread here on LFS forum, beta 2 is due out soon and was waiting for that to post to it. The same tracks can be used for both that and World Racing Series and a single subscription gets both, well worth 20 euro IMHO.