So, update is out.
First thing I did on a new world/new character was stick 5 beer kegs in my house. Balls to the anvil, furnace, etc. Drinking booze gives you a "tipsy" buff which increases your damage but lowers your defense. I haven't tried it yet, but I hope the effect stacks the more you drink, so you eventually end up with a "Drunken Rage" buff where you obliterate everything around you.
Since I started a new character, I haven't gotten to see much yet in the way of changes. I mostly spent my time sweeping the floor of the underground jungle on a high-end character looking for a jungle rose for my new character, building a house for that new character and filling it with beer and other new furniture.
Apparently Starfury is usable underground now which is nice, but it can still be rather useless depending on how the cave is formed. The best feature is the UI overhaul. My inventory isn't a complete and absolute mangled mess anymore now that there are ammo slots. No longer do I find myself scrambling for inventory space because I have 3 wooden arrows, 16 fire arrows and 6 jester arrows eating up slots.

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╕..Х 'ии)) -:ж:-
╕.Х' .Х'ии)) Katelynn -:ж:-
((╕╕.Х' д ║░ д -:ж:- |
(п`Х.Х┤п) (п`Х.Х┤п)
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Lewis: Ok, we need to gain the trust of some villagers.
TotalBiscuit: I think Simon's qualified to do that!
*Simon approaches a villager and summons a swarm of angry bees*
Simon: Hello! Do you like bees!?
*The villager drops dead from the bees*
Simon: Oh dear... Um, that could have gone better...