Some of the highlights for this pre-release include audio and video effects, a redesigned project settings dialog, a redesigned rendering dialog, a welcome dialog, support for previewing audio/video/images prior to importing, a "best fit" zoom button, jump support in the timeline, 3x faster project timeline loading, a search bar, a command-line render mode, and various other changes. There's also a lot of bug-fixes.
There isn't yet anything in PiTiVi for it to outdo the proprietary non-linear video editing applications that already dominate the field, but it's a step closer towards being suitable for the novice film makers running Linux. More details can be found in this blog post.
This pre-release was actually tagged last week and the final (v0.14) release is expected to happen today or sometime this week.