Simply, there were a number of improvements in features, stability and performance. The memory manager was also changed to work better in the newer DOS versions (and under Windows 2.x and 3.x). Finally, the Copyright changed from Fox Software to Microsoft!
As with any product, much changed in the 2+ years from June 1992 to July 1994 (the last updates to FP 2.0 and FPD 2.6a respectively). For a bit more perspective check out
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