2.00 is still very much in development (lacking features and the odd bug cropping up) so be warned before diving in.
It is mainly speed though, this kernel is far faster than anything that came before it. There are also a bunch of tweaks to the layout (nothing major) and the cheats/soft reset side of things has been largely rewritten (again bugs).
My opinion: if you want games and basic homebrew and do not mind the odd cheat not working then dive right in. If you do mind then stick to the 1.86 or 1.9x line.
Be warned that you may have to do some patching of your own as some fixes for newer games have not been backported to the 1.86 or 1.9x line (1.86 does not even have a proper GTA patch).
The EZ5 has support for the 3 in 1 built into the firmware (other cards recently gained similar abilities as well), triften is quite rightly suggesting that if you want to try and use 2.0RC3 or below to manage a 3 in 1 then expect serious issues with the 2.0 line compared to earlier kernel versions.
You can however use one of the tools like GBA ExpLoader instead.
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