http://www.neopets.com/games/pterattack2.phtml
Payout has been cut in half.
The graphics are far superior, if a bit "busy."  The "flying over the villages" thing is a nice touch, but it can get a bit distracting as the game gets faster.
Weapons I've picked up so far:
Ptershot: Standard laser.  The powerup is a blue bubble with three lines in it.
Pterboom: It's a purple spinning powerup.  Like the Tadow in the old game.  It's a boomerang that, rather than coming back, weaves across the screen.
Fireball: A red powerup with a dot in the middle.  Just what it says.  This one becomes a split-shot weapon as it powers up, in addition to gaining power.  Level two is a V-shot, level three is a three-prong shot, and level four fires three waves of fire.  My favorite weapon so far.
Pterpod: The Green powerup.  It starts firing three weapons in a T-pattern.  Then it becomes a split shot in a V pattern, and at level four, a laser-like device.  Frankly, I preferred level three to level four.  It had a fast shot speed and a decent spread.
Generally, I like it.  The best part about this game is that, unlike the old game, dead pteradons don't leave a "shadow" that can cause others to fly through your bullets.  They get hit, they blow up, simple as that.  The shadow was really only a problem at higher levels in the old version, but it was very frustrating.  That problem, as far as I can tell, has been solved.
Also, the grarrl is moderately more avoidable.  I haven't seen the gigantic ubergrarrl that was an unholy terror in the old version, but I can only assume he's still in the code somewhere...lurking...waiting for my guard to drop...