Upgrade price if you have Substance painter 1 is $99 (for Indie license). ***edit*** Upgrade price now reduced to $75 ***
Substance Live customers do not get automatic upgrade without paying extra (but still a very good deal if you can't buy outright).
Things I forgot to mention in video...
Smudge and clone tools will be very useful - something I was wishing was available in SPainter 1.
Material channels and output settings have been improved e.g. emissive and AO channels included by default now rather than having to add them manually.
But generally speaking, it pretty much kicks the ass of any other 3D texture program, and with the improvements planned for this year, the gap will keep getting bigger.