New is Smooth AR at the Note Seq which enables to set an Attack and Release at note change. This allows to have the sound of a new note played to fade in (Attack) while the former note will fade out (Release). This is valid in all modes and is really a major improvement.
The Dreammachine V2 features a lot of major enhancements:
Most noticable are the new XY-SuperModulation controls at the three synthparts and the 16 step note sequencer at the bottom. Due to the XY controls the whole control system has been reworked and is providing now a far deeper and more efficient control on shaping the sound. In addition to that the sf2 files had to be reworked too featuring now different wave sets than with prior version. With the new 16 step note sequencer another feature has been added as you can advance now manually using a MIDI kbd. The output sections with delay have been integreted to the resp. synthparts. Also there is a new LFO X with 9 complex waveforms.
Some changes to version 2.d: There is now a dedicated and independant step advance at each part/section controllable via mouse (Stp+ button), MIDI CC# and MIDI note#s 24, 26, 28 and 29 so one can advance each part independantly via MIDI-Keyboard without transposing. This is really nice. Also the general step advance system has been reworked so one can advance instantly without the required little delay before. Minor drawback is the wave preview to next step had to be removed which on the positive side also led to save some CPU. Anyway this more instant response makes working at all far more fluent. Also there is a new selector slider to lenghten/smoothen the crossfade at wave switching. Plus you can switch waves up/down via MIDI keyboard too - for details see image on page 5. Also SuperModulation on the oscillator waves is now possible mixing the dormant wave to the active one thus enhancing the sonic flavour to a great extend.

This is a completely different VSTi Synthesizer!
It is basically a self running machine which can be transposed too so this is ideal e.g. to provide backings of complex athmospheres and soundscapes for live performances.

The concept of the Dreammachine is based on very slow running LFO being used for wavesequencing and sound modulations. Thus realtime editing is not as one might expect it. - This is a machine for slow flowing motion of sounds.

There are three dedicated parts: Bottom (Bass), Back/Pad and Sparkles providing quite complex athmospheres and soundscapes which is mostly determined by the sequence of waves. Each part has got a 24 step sequencer for waves each with it's own tempo setting to get more variations among the three parts. Plus there is separate part for one shot fx or vocal phrases.