Quoted from the product help:

What's new in MapPoint
This version of Microsoft® MapPoint® has a number of new features.

Expanded GPS functionality
MapPoint includes a new pane, the GPS task pane, that displays information, such as your current location and the speed at which you are traveling, as the information is received from your GPS device. You can also use the GPS task pane to turn on options, such as a GPS trail that is displayed on your map or the new Driving Guidance feature, or to recalculate a route from your GPS-determined location.

For more information, see Work with the GPS task pane.

Voice-prompted directions with Driving Guidance
When using a GPS receiver and the new Driving Guidance feature, you can get text or voice and text instructions for routes that you create with MapPoint. Text instructions in a large, easy-to-read, font are displayed in the Driving Guidance pane below the map. Use controls in the GPS pane to toggle spoken instructions off or on and repeat the previous instruction.

For more information, see About Driving Guidance.

Pocket Streets for Smartphone
MapPoint now includes both Pocket Streets for Pocket PC and Pocket Streets for Smartphone.

For more information, see All about Pocket Streets.

View places and points of interest in Windows Live Local
MapPoint Web search functionality has been expanded so that you can use Windows Live Local to view and search for information about Pushpins and points of interest in addition to cities, landmarks, and so on.

For more information, see Show a place in Windows Live Local.

Display your location with Location Finder
If you are using a Wi-Fi-enabled computer running Windows® XP, Windows 2000, or Windows 2003 Server, you can use the Locate Me icon on the Standard toolbar to find and display your location on a map. The Location Finder component of MapPoint uses known Wi-Fi access points to compute your location, so this feature works best in urban areas where there are likely to be an abundance of known Wi-Fi access points.

For more information, see About Location Finder.

New map style
MapPoint now includes a new map style, Road Map (Night), for use in low-light conditions.

For more information, see Choose a map style.

Updated map with new data
The map includes new streets and highways, new addresses, and updated highway exit numbers.

For more information, see About address coverage areas.