They have put some effort into their search functionality.
The seriously interesting thing is that they have eliminated Smart Albums (collections), folding that functionality into a new saved searches feature.
Saved searches is already (I think) established as a must-have feature for PM+. I kind of thought that Smart Collections was in the same category. But.... maybe not .... we'll see if their customers tar and feather them when their new version releases.
Overall, I think ON1's DAM functionality is very good - the best of the "all-in-ones" at this point. But PM+ is a very different animal, with much higher ambitions/target audience/and relative pricing, so I don't see the two as directly competitive. More of a case of the two best offerings in related spaces moving the flag forward.
In other news of interest to ON1 users, they've made a bunch of righteous speed improvements, especially for big files and less-than-super-duper machines. Which will help their value proposition against Capture One.