A longer version here

  • Replaced StorageContainer.TitleLocation with a new OpenStream API
  • Replaced individual graphics renderstates with a new state objects API
  • Premultiplied alpha is now enabled by default
  • Made it easier to use SpriteBatch with custom renderstates and custom shaders
  • No more SpriteBatch vertex shader magic, so you can easily position SpriteBatch text in a 3D world using BasicEffect
  • Vertex buffers are now strongly typed, each one having an associated VertexDeclaration
  • You no longer need to specify a VertexDeclaration before drawing, because this is implicit in your choice of vertex buffer
  • Vertex buffer sizes are now specified as number of vertices rather than bytes
  • Replaced GraphicsDevice.Vertices with a new SetVertexBuffer API
  • Each rendertarget now has an associated depth buffer: no more DepthStencilBuffer type
  • RenderTarget2D now inherits Texture2D: no more GetTexture method
  • SetRenderTarget atomically sets all rendertargets, rather than changing just one layer
  • Replaced Effect.Begin and End with a new EffectPass.Apply method
  • Removed the low level shader APIs (VertexShader, PixelShader, Set*ShaderConstant)
  • Removed EffectPool, StateBlock, GammaRamp, ClipPlane
  • Removed triangle fans
  • Removed point sprites
  • Changed the Color type from BGRA to RGBA byte ordering