As outlined by Duane Forrester on Bing's official blog post, the highlight of this update includes the introduction of three new features including:

• Crawl delay management
• Index explorer
• User and role management

Crawl delay management allows webmasters to request fixed hours of slow and fast crawling of their domain by the Bingbot crawler. This way their website performance will not be affected during the peak hours of business.  To decide a suitable crawl rate for a domain, webmasters can set a crawl rate manually or use the drag-and-drop feature on the AJAX based interface after which the Bingbot will by default select an appropriate crawl rate that best suits the particular domain.

The Index Explorer feature provides webmasters with information, about a specific domain, contained in the Bing index. This feature is a completely redesigned version of the previously known Index Tracker tool that gives webmasters in-depth information regarding the site performance, freshness, failure detection, extensibility and other such features.

Bing is also allowing webmasters to give out their verification codes to other users giving them selected privileges like full or partial access to the full and/or sub-domains & folders, read/write or read-only access.

Apart from these changes Bing is now allowing webmasters to manage their deep-links by introducing over 40 new how-to documents and videos to the Toolbox site. The documents provide helpful information like: using Webmaster Tools, data explanation, link building, removing/blocking pages from Bing's index, SEO guidance, managing URL parameters, rich snippets, canonicalization, no follow, managing redirects, 404 page management, etc.

It's quite a detailed upgrade, so if you're interested in learning more about any aspects of the new Webmaster Tools, you can check them out here.