Looks pretty much identical to the 2nd gen, but it has a different "thingy" on the leather strap (didn't see any article mention this so I'm doing God work here).
Longer battery life, slightly lower bass, different thingy, 5 year warranty and more easily repairable (supposedly)... all for just $100 more than the 2nd generation. I guess that's better deal than the recent price increases that didn't change the product at all.
I will not complain (any more). At least they're still releasing some products I can afford - even if it doesn't seem like a reason to replace my gen2.