Diagram View – Instead of looking at the defined relationships in a list format, v2 allows you to view the relationships in a diagram. This makes it much easier to view how all the data fits together
KPIs – You can now create Key Performance Indicators
Hierarchies – There is now functionality to model parent-child relationships along with a PATH function to display the path of a parent-child relationship in a delimited format
Perspectives – You can define subsets of a model to provide a simplified view for the end-user (same as in SSAS)
Sort by Other Column – Allows for sorting one column by another column within the same table. For example, the month name column can be sorted by the month number column
Note that PowerPivot supports files up to 2GB in size (after compression). This is an “artificial” restriction that allows it to be uploaded into SharePoint. The 64-bit version of PowerPivot enables you to work with up to 4GB of data in memory, and the 32-bit version enables you to work with up to 2GB of data in memory (but realistically only 500-700MB, see How much data can I load into PowerPivot?). And because of compression, PowerPivot can fit an additional 1-10x times the size of the database into memory, so the 64-bit version can fit a 4GB-40GB database into memory. Typical compression runs about 2:1.