Items

Common items
Healing items: They heal 500% more HP than normal (and 200% more SP than normal), however you only get healed half of their total value instantly, the rest is gradually gained in the next few seconds.
Yggdrasil Leaf: Weights 5.
Necklace of Wisdom: Identifies all your inventory. Weights 10.
Necklace of Oblivion: Allows capturing of any monster as a pet (see pet section).

Warping items
Worn Out Scroll: Warps to St. Capitolina regardless of respawn point. Weights 5.
Amulet: Warps to Party Leader or first online party member. Dead party members are counted as 'offline'.
Giant Fly Wing: Won't work on characters that are trading vending, buying, etc; if used by someone other than the party leader, it will transfer the leadership to that person IF the party-leader is not online.
Dragonfly Wing: Allows Warp Portal Lv2 Casting (Everyone can save a /memo anywhere except in MVP maps)
Level 1 Teleport Scroll: Is used instead to cast Level 1 'Monster Property'.
Giant Butterfly Wing: Warps you to a random outdoor map (using the same system as Treasure Guardian spawns).

Quivers, ammo boxes
Arrow Quivers: Enemies will drop these instead of normal arrows. Each one holds 100 arrows and weights 5. The random quiver will give you 100 arrows of a random type of arrow which has no specific quiver.
Bullet/Grenade Boxes: Like quivers, they hold 100 and weight 5/7 respectively.

Display changes
Memory Bookmark: When first used it swaps your look between the normal and advanced class versions. Use it a second time and it will make you look like a 1st class instead (if your current weapon/shield cannot be used by such 1st class, it will not be displayed and it'll look as if you had nothing on). Use the item a third time to return to your normal look.
Scarlet/Orange/Lemon Dyes: Can be used to cast 'Flag Graffiti' and disguise your headgear (see Rogue skill changes for details).

Mercenary Scrolls
Mercenary scrolls cast 'Hallucination Walk'. When you use these on someone else, an identical clone will be formed that'll follow you around and help you battle.
Higher level scrolls have two effects:
- Longer duration (duration is 60+30*lv seconds)
- They allow you to clone higher level characters (max level you can clone is your own level +2*lv)
There's no distinction between archer/spear/sword, and you can only have at maximum one clone with you at any given time.

Pizza
Pizza (HP): Heals as much as 75% hp and a little sp. Gives a slight physical damage boost and cures poison and blind.
Pizza (SP): Heals as much as 50% sp and a little hp. Gives a slight magical power boost, and cures silence and curse.

Other
Miscellaneous items that weight 1 now weight just 0.1
The level restriction to wear/use items has been halved.
'Refined' items no longer weigh 0, they weigh the same as their normal item counter-part. Also, they have one less slot than their standard version.
Several pieces of equipment got updated, you should check the individual item descriptions for details.