SparkFun writes this about the newest revision: "The major difference with this board is that it brings out the DTR pin as opposed to the RTS pin of the FTDI cable. The DTR pin allows an Arduino target to auto-reset when a new Sketch is downloaded. This is a really nice feature to have and allows a sketch to be downloaded without having to hit the reset button. This board will auto reset any Arduino board that has the reset pin brought out to a 6-pin connector."
If you are a newbie like me and have been trying to make sense of FTDI, ICSP, Bootloaders, AVR dude, target boards, programmers, fuses and more, I suggest you read through this tutorial at AdaFruit:http://www.ladyada.net/learn/avr/index.htmlThe tutorial helped me make sense of the terminology and how the various parts interact.