• ZModeler - This smart polygonal modeling system is designed to simplify your creation process. Quickly and dynamically create new shapes, doing so more easily than ever before possible: fuse polygons, delete full blocks of geometry, connect parts with advanced paths, and repeat your actions with a single click!
• NanoMesh & ArrayMesh - You as the artist can bring more complexity and detail to your work while still maintaining a low polygon count. Both NanoMesh and Array Mesh will allow for multiple instances of any object to be created and then adjusted in a matter of seconds.
• Rendering Enhancements - The BPR Render system will now render all Surface Noise as displacement, deforming the mesh to match the attributes of any procedurally created noise. It is like having a displacement map without needing to actually create the map. See extremely detailed results at render time regardless of polygon count.
• ZBrush to KeyShot (ZBridge) - You can seamlessly connect ZBrush with KeyShot 5 to produce hyper-realistic and high quality images. If you don't already own KeyShot 5 or if its price is simply out of your reach, a "special edition" KeyShot for ZBrush is also available.
• 64-Bit Support - Push the boundaries of your imagination with the 64-bit Preview Edition. ZBrush can now tap all available computer memory and processing power for more details, even more complex models and faster operations.
• ZRemesher 2.0 - Retopologizing has never been this artist-friendly. With a single click, you can automatically produce organic or hard surface topology without spirals. If one-click topology isn't the right answer for every situation, you can intuitively take control of the re-topology process with curves to assist in determining polygon flow.
• FBX Import/Export - To continue improving its integration with the artist's pipeline, introduces a new free plugin: FBX Import Export. This supports texture, normal and displacement maps, blendshapes, smoothing based on normals and much more!
• Other Enhancements and Additions - As with past updates, doesn't stop at major features. It also includes numerous other additions which will improve your productivity and creativity.

P2 Release notes:

Enhancements
A Creasing modifier had been added to allow for creasing behaviour compatible with ZBrush 4R6 and older (I.E. Border Edges "shrinkage").
Cylinder3D Initialize menu now contains a CapSubRatio slider to control the cylinder cap divisions.
ZModeler Polygroup Checkers modifier updated to work on all targets.
Increased the MaxPolygons (per SubTool) from 80 million to 100 million.
Added GOZ Export/Import support for creasing in programs that support it. When exporting via GoZ, use the "GoZ Complete Binary" export file format in order to export all mesh data including creasing.
NanoMeshes can now display Polyframes when rendering in BPR.
Custom UI will store the "creation of LightBox shortcuts" and "ZModeler Selection Distance" in the user-custom Preferences.
High quality (H) modifier button added to the Movie palette to select the highest .mpeg export quality possible.
"RandArray" button added to the NanoMesh palette. Toggling will determine if the NanoMesh will be random or repeated when applied across an Array.
ZModeler Curve Menu now also includes a "Do Nothing" action.

Fixes
Timeline movies -can once again- be recorded using CTRL + SHIFT.
ZModeler Poly Spin now works on all targets.
Functionality of the Quick Menu (spacebar) modified to not conflict with right-clicking.
Saving files to external drives improved to function better with ZBrush plugins.
Deleting Z and Y Symmetry issues resolved.
Adaptive Skin functionality with ZSpheres now works properly for 32 bit and 64 bit versions.
Curve Brush is now fully functional in both 32 bit and 64 bit versions.
ZBrush file size increased to handle larger files for 32 bit and 64 bit versions.
HD sculpting updated to work correctly with 64-bit versions.

Home Page - http://pixologic.com/zbrush/features/ZBrush4R7/