The 1.03 update is announced on the Phoenix website for those who have it:

New Features:
- Recently-flown aircraft folder when selecting a model.
- User manual now accessible from the Help menu.

Enhancements:
- Improved rotor-blur and propeller effects for all models.
- PhoenixUpdate interface improved for increased usability.
- PhoenixUpdate now tracks installed updates.
- Smoke effects optimised.
- Seaside scenery reworked for improved quality.
- Extra sound effects in competition modes.

Helicopter dynamics:
- More blade-flapping effects in autorotations and manuevres.
- Increased speed in fast forward flight.
- Increased falling speed with gravity.
- More realistic loading during manuevres.
- More accurate pull-outs from fast forward flight/tail-slides.
- Autorotation flares even more accurate.
- Tail wash effects.

Bugs fixed:
- Smoke and balloons stay when Phoenix is forced out of full-screen.

And this was just on RCGroups, apparently the new scenery has masking on long grass as well as trees and bushes: