This release contains numerous bugfixes, mostly minor, and several new features, most of which you can find under admin/settings/path-redirect. Please note that the admin paths for this module have changed from path_redirect to path-redirect. If you're upgrading from a previous dev version, please be sure that you run update #4, even if you already have.
A somewhat complete list of issues addressed:

#231294: Max Query Length

#218277: prevent endless forwarding when the redirect points to a node that represents itself

#167265: URL argument to cancel redirection

#154925: patch for warning message when redirection takes place

#174961: Allow query strings in "from" paths

#203728: Better URLs: avoid underscore and separate out "delete"

#198122: provide a workflow-ng action

#168877: Path-redirect as an option on the node form (add or edit)

#249444: List of redirects url is not html safe
More features and bugfixes are already in the works for 5.x-1.3, and an official release for Drupal 6 should be out soon!