If you just updated to 1.9.4 be sure to check your page templates. We changed the names of the old ones and we added some new ones. You can now finally create any layout you want for each and every page. Oh joy!
Apart from that, we continued with the ongoing security updates. We changed a lot of functions, updated most of the security and data sanitization functions, and reorganized bulks of code.
For 1.9.5 there will be [shortcodes]. And more security changes.