You can continue to play with your old save games. Update 2 includes Update 1.

This is the full feature list:

Live Ticker

- Live Ticker: Referee pictures are displayed (user generated content)
- Live Ticker: Number of assists is displayed after a goal (league matches)
- Live Ticker: Team Status is displayed

3D Match

- 3D match improvements (Version 3)
- 3D camera improvements (TV and free camera)

Database

- Improved database (12.12.08)

Other features

- Notepad added
- Instant Calculation mode now shows the last 5 events
- New training camp features (more camps, improved calculation of the effects, option to add your own training camps)
- Player character icons now displayed on the player info screen
- Several smaller improvements (e.g. youth player scouting, night matches in generic stadiums)

Fixed Bugs

- Various bug fixes