With my own copy of the new Q3Test 1.08 releases (story) in hand, I can pass along the notes from the what's new file. First, the file stresses "You MUST delete all previous versions of Q3TEST for the game to run properly" (with no less than six exclamation points). Here's the full scoop:

You MUST delete all previous versions of Q3TEST for the game to run properly!!!!!!

• fixed marks fading properly in fog volumes
• show weapon in fov >90, adjusting position down as needed
• update scoreboard info while at intermission
• print "waiting to play" for tourney spectators
• fixed tied rank with 0 score and spectators
• return to roaming spectator when a followed client quits or spectates
• release windows cursor when running windowed and the console is down
• log all client transitions, item pickups, and kills
• changed joystick axis to act just like arrow keys so they can be bound in the controls menu for strafing. Yes, this does remove slow walking from joystick movement, but it makes everything a lot cleaner.
• fix up PantherXL trackball support
• tournament queuing of spectators to enter the game
• track wins and losses as long as you stay on a tourney server
• spectators are now in fly mode instead of noclip, and use teleporters
• pass serverTime instead of msec for command timing, prevents timescale cheating
• fixed rcon