Found out from Chimp Spanner on Facebook, full changelog:
What’s New? POD HD500 2.02 includes two brand-new HD guitar amp models, the world’s first HD bass amp model (with eight mic model choices) and a new vintage-voiced mic preamp model.
“Plexi Lead NRM” and “Plexi Lead BRT” HD Guitar Amp Models
Stunning new HD guitar amp models based on* the Normal and Bright inputs of the legendary Marshall® “Plexi” 1959 Super Lead 100-watt head.
“Flip Top” HD Bass Amp Model
Based on* the Ampeg® B-15NF Portaflex®, one of the most popular studio bass amps of all time.
Eight New Mic Choices for the “Flip Top” Cab Model
Get your ideal bass tone from the new “Flip Top” HD bass model with eight mic choices based on*:
“Vintage” HD Mic Preamp Model
A vintage-voiced tube mic preamp based on* the Requisite® Y7. Place this model at any point in the signal chain to give incredible warmth to vocal sounds and guitar and bass tones. Its controls include:
Gain: Input Gain
HPF: Provides a High-Pass Filter with a range of 20Hz-500Hz
LPF: Provides a Low-Pass Filter with a range of 5kHz-20kHz
Phase: 0 or 180 degree out of phase (useful when used within parallel signal paths)
Output: Output Level
Cabinet Model Deep Edit Parameters
These parameters offer more control over the response of the POD HD cab models, allowing more customization than ever. Each cabinet model includes the following controls:
Low Cut: Provides a gentle High-Pass Filter with a range of 20Hz-500Hz
Res Level: Controls the cabinet’s overall Resonance Level
Thump: Controls the cabinet’s Low Frequency Resonance Level
Decay: Controls the cabinet’s Resonance over time
Note: Thump and Decay controls are affected by the Resonance Level control. When Res Level is at lower settings these inter-related controls will have minimal effect.
This update also includes a variety of new features and enhancements that make a POD HD500, James Tyler Variax, and DT25 or DT50 guitar amplifier dream rig even more powerful and easy to use.
Variax Knobs as Controllers
Variax Tone and Volume knobs can act like expression pedals, controlling different aspects of your tone such as delay time, amp drive, etc. Controllers are capable of driving up to 50+ POD HD parameters simultaneously, making it possible to morph between sounds with a single guitar knob.
James Tyler Variax Local Control Options
To provide smooth, intuitive transitions between the modeled and magnetic pickups, you can choose whether the Volume, Tone and Pickup Selector switch will control both the model and magnetic pickups simultaneously, or lock the model and affect only the magnetic pickups. For example, when using both acoustic and electric tones, you can lock the acoustic model controls so that tweaking knobs and switching pickups when playing the electric sound won’t affect the sound of the acoustic. Locking Volume and Tone controls can also be useful when using Variax knobs as Controllers.
Note: Locking the Variax Volume knob will affect both Magnetic and Model while locking the Variax Tone knob will only affect Models.
Variax Control Mode (Global/Preset)
Choose whether you want to assign Variax guitar models and Local Control settings globally, or on a per-preset basis. Alternately, you can get complete manual control by selecting:
Variax Control: Global
Local Control: Unlocked (JTV only)
Model: Don’t Force.
Refined James Tyler Variax Integration
The new input selections “Variax” and “Variax Mags” allow you to assign any configuration of magnetic pickups and Variax models per POD HD preset.
Mag/Model selection is now recalled per preset, allowing you to pick up exactly where you left off – no need to manually enable/disable models or program preset-driven input changes.
POD HD/James Tyler Variax Custom Tuning Creation
Now you can create custom Variax tunings for any or all of your POD HD presets. Save and recall them per preset — and get up to 512 unique custom guitar tunings with instant footswitch control.
Limited resolution for Pitch Glide Min/Max Settings in Controller Assign page – Fixed
Personally, I'm most excited about the deep editing parameters for the cabs. Not full blown user selectable IR's, but better than nothing!
Any improvement to the cab IR section is a step in the right direction.