The 1.2.1 update for Traktor Pro is now available for download via the Native Instruments Service Center or from the Download page on the NI website. The main features that stand out for me would be:

• 2 additional FX UNITS  (making a total of 4 FX units now instead of just 2)
• 3 new Effects = Beat Slicer, Formant Filter, Peak Filter
• New Midi Controller Manager (for easier mapping of midi controllers)
• Pro Elastique Timestretch Algorithym (for professional sounding time stretch capability)

Below is the full list of changes…

• Timestretching improvements for best keylock quality with timecode
• Number of separate effect units increased from two to four (Pro version only)
• “Preparation List” feature with diamond icons, “Append/add next” menu functions
• Adjustable “minimum playtime” for play count and history functions
• Internal EQs enabled for external mixer mode
• New track caching technology with reduced memory footprint
• Improved Tap Tempo function
• Additional effect algorithms: Beat Slicer, Formant Filter, Peak Filter (Pro version only)
• Tag editing in Explorer node
• Native HID support for Pioneer CDJ-400 / Denon HC-4500
• Drag & Drop from decks to playlist
• New “Progressive Sensitivity” option for Pitch Bend
• Pitch Bend controller assignable to jog wheels
• Customizable Cue Play button behaviour (Instant/On Release)
• Improved cue point handling
• 2 additional favorite slots