Looks like many improvements have been made since the last release.
I have used Torque only once, but lost interest because of lacking docs.
However, according to the comments there is also a better and more complete documentation now.

As far as I know from reviews the previous releases suffered from severe bugs and obfuscated source code (like TGE did).
Whereas the latter is a nearly insoluble problem, the bugs were most probably fixed.

In any case the new videos and screenshots evince that very good results can be achieved.

I especially like these MegaTerrains. When geometry instancing was supported (I didn't find any information about that) impressive nature scenes could be achieved.