The new module consists of 2 parts. There is an updated !PinSetup application and a Pinboard module. Installing them is just a matter of copying the files into the correct directories in !Boot and restarting. You can see the version displayed under Info and also there is a message at the bottom of the screen.
The new version is written in C and the source code is included, along with lots of documentation and a list of know issues.
The Pinboard modules adds a lot of extra features to the Pinboard (such as stickies, backdrops, saving files to desktop and more options on how the Mouse can be used to interact).
While is it still an alpha release, I have the module in daily use on my RISC OS machine and I have found it very stable.
The release is available from RISC OS Developments if you would like to help with testing it and I believe the plan is to include it in RISC OS once it is completed.