Babel 220.127.116.11 is entirely a new application. First the dependency from Microsoft Phoenix Framework was removed, so it isn't necessary to install Phoenix Framework RDK. This means that also Visual Studio 2008 family isn't required.
This new version introduce a feature called Dead Code Elimination. Dead Code Elimination remove from the target assembly all unused methods, properties, events that are not used internally (constructor are left untouched because removing them may cause problem with reflection API).
A lot of bugs from previous 1.5 version has been fixed. Because this is a completely reworked application take care to test it very well before substitute the previous 1.5.
I did my tests and they went pretty well but I know that I may miss something so beware!