It is the first released after 1.0.3 was done. So it's a big jump and seems to be so many changes are there. (Yes, the version number 1.7 makes sense :)
At a first glance, there is a new project generator via PHP script. So it is possible to generate VC's solution file by that. Also the new beta supports batch build facility. Having those facilities are also one of the important thing to get CI(Continous Integration) work and even for a large sized project.
One of the most pleasure thing added to this beta release are several new demo. And all of them, the 'ForgeDemo' is out standing one. Actually that was released at 2006 for a tech demo of TEGA though it still looks great and might be helpful to show and understand Torque's lighiting system.
They also says, there's lots of improvements on the world edtor. I did not look into it yet, but hope that there are. Due to the actual editing work of the previous version was not so easy not like what it looks.
Anyway, it looks good ever before since I've seen the engine. :-)