According to the PE website
http://fantasticmachines.com/store/index.php?cPath=24

"NEW! Paint Engine V2.0 to be released soon."

Paint Engine V2.0 features:

* Totally New User Interface
* New preview screen almost 7 times larger.
* New Brushes
* Multiple Stroke Controls
* Input Adjustment
* Multiple Pre-sets
* Save Your Settings
* One Click Randomize
* Last Used Settings Memory
* Unlimited Combinations

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How cool will THAT be? :)

I've e-mail this guy several times trying to get a estimated release date - and never get an answer... seems like the teaser notice has been there for a few months now.

Yes, site has had this tease for months now. I have never been to successful with the program. They should tutorials on it.