Well I wouldn't say it's a completely different module now, but compared to the previous release (alpha3), Transformations has been vastly improved in a number of ways.
First, the API has been simplified. Most importantly, the notion of schema definitions for input and output slots has been dropped. Instead, Transformations now uses parameterized types to describe its slot values. This is less powerful, but also easier to handle and provide, and is sufficient for our purposes.
Input slots may now change depending on other input slots. I call this feature "variable input schemas", and it enables import-style operations for entities with input fields that are not known upfront. Amongst other nice things, this also makes it possible to get rid of the "type options" feature that previously provided similar (but much more limited) functionality. All data that an operation depends on is now a proper input slot, with all the implications (which are mostly changes to the better).
Furthermore, input changes triggered by an operation itself are now properly propagated to the pipeline, which can provide some automatisms and prevents orphan slot connections. For that purpose, Transformations now offers a proper API for input/output schema changes.