The biggest change in the new version comes in the form of OS X Mavericks compatibility. So the new desktop OS released by Apple can now rely on iTunes. Other changes include the usual stability improvement and new support for languages. The update isn’t a necessity for those users who don’t want to update to OS X Mavericks or don’t use a Mac computer.
However, updated users would want to install the latest version. The release notes say:
Apple also released the latest version of iBooks Author, which now includes a new Mac feature for Preview Books along with a few bug fixes.
The update is available at the Mac App Store for iBooks Author users.
As for the latest iTunes version, it is available on Apple’s site, and iBooks Author update is available in the Mac App Store ‘Updates’ tab. As a side note, the OS X Mavericks is also free to download.