Newborn on the new update and future release schedules:
Reflex 0.40.0 marks the first release using a new set of internal development tools. While developing, we often find ourselves going back to the Steam build to play random peasants and are immediately stuck by how much it sucks compared to the development version we've been using. With these new systems in place, we should be able to release smaller updates more often, instead of holding on to good features for 3 weeks waiting for other features to become shippable. We're not entirely sure what our release schedule will be like yet, but the take away for players is that you can expect to see features within a couple of days of them being ready.

 
Complete 0.40 Changelog
Tech
  • Fixed multiple reflection probes for shader quality 0
  • Added simplistic network compression & encryption, seeing a reduction of around 33% traffic (server->client only)
  • Changed default sv_steam_port from 25797 to 25788
  • Reduced jittering of all entities client-side
  • Reduced jittering when colliding with other players
  • Added comment support to config (.cfg) files
  • Connect comand is now just <ip:port>
    • Use "password <blah>" in the console to supply a server password
    • This format is required for steam:// links
  • We now load player steam friends list, and their avatars
  • Allowed friend info for players you meet in a server (to get their avatar + steam info)

Dedicated servers
  • IMPORTANT: Our dedicated servers now require the Microsoft Visual C++ 2013 Redistributable (x86) to be installed.
  • Steam is supposed to install it automatically but that doesn't seem to work with SteamCMD.
  • We expect we'll end up including this in future releases but for now we don't.

Weapons
  • All weapons again obey weapon offsets
  • Updated IC: revised mesh, updated beam and impact effects, additional animation and glow effects when firing, new sounds based on states
  • Fixed ioncannon beam clipping through ground visually in some instances in first person
  • Added player hands in first person
  • New first person weapon animation system
  • Shotgun, boltrifle, plasmarifle casings eject from their correct positions again
  • New first person melee animations

Art
  • Optimisation pass on egyptian meshes
  • Optimisation pass on japan meshes

Effects
  • Blood decals are now larger and moister with smoother normals (helps look a bit thicker)
  • Gib decals have more velocity spread (more likely to go on walls)
  • CTF carried flag wisp toned down (might need another pass still)
  • Blood on melee weapons now correctly matches blood in the world.
  • Robot blood is now some kind of blueish coolant or something

Stats
  • Added in-game stats for weapons, powerups & generic player info (calculated server side)
  • We also now track top 5 race times (and distance / topspeed / avgspeed), and store these for each player too
  • Stats are all pushed to lua
  • Stats are currently only available during matches -- no fancy web API.

Scoreboard
  • Implemented new scoreboard to showcase stats
  • Scoreboard is different per gamemode
  • Scoreboard is interactive
    • By default hold +showscores and rightclick to enable cursor.
    • You can click on another player to view more info about them, including adding them to friends / viewing their profile
    • You can re-bind the scoreboard cursor release in the options menu. Either with the "showscorescursor" command for a specific key, or "showscorescursorhook" which allows you to hook it in to an existing key "Jump" / "Attack".
  • You can now see player steam avatars on scoreboard
  • Tou can now see friend status / add player to friends list on scoreboard
  • Added flag for each player to the scoreboard, this is toggled with cl_country (cl_country default is pulled from steam)

Gameplay
  • Implemented /roll command (WoW style). To use, type "roll 20" in console
  • Improved the feel of projectiles by pushing the projectile spawn position from 8 to 28 (and fixed all the bugs that usually would have caused).

Editor
  • Added ReflectionProbe entity. The old effect based reflection probes still work but are deprecated.
  • Added me_showclip
  • Added "Show Clip" to MapEditor.lua titlebar, which controls me_showclip

Bugfixes
  • Players will no longer get stuck inside each other
    • Instead, they will have their collision disabled until it can be resolved.
    • Internally, this is now known as "Patrick Swayzeing"
  • Fixed bug where overlapping guns could prevent pickups. i.e. if player full on burst ammo, and burst gun overlapped RL, RL was blocked.
  • Steam defaults are now applied after config load (this was probably causing steam defaults to be stomped :|) note - they are only applied if cvar is at default value!
  • Clicking on ReflectionProbe no longer breaks it
  • Fixed issue where prefab names with a space in them weren't properly being parsed in on map load.
  • Fixed issue where end of game sound would sometimes play on connection
  • Right click friend->join game should now work

Known Issues
  • Players are Patrick Swayzeing more often than expected.
  • Again, our Dedicated Server currently requires Microsoft Visual C++ 2013 Redistributable (x86) to be installed
  • Race times in scoreboard are not sorted properly
  • Race times do not reset properly

Source: Official Reflex Forums