These updates are:
Vertical Merge – The old merge function has been extended. Spreadsheets users now have the ability to make numerous vertical merges with multiple data rows.
Paste Options – Newly added to Google Spreadsheets are 4 paste special options. These options are pasting of all cell contents excluding borders, formulas only, conditional formatting only or data validation only.
Export/Import Support – Almost all pivot tables can now be converted between Google Spreadsheets and MS Excel.