The part of the update that is actually useful is the private messaging, which lets two or more friends share text, maps, media, and voice messages. The other side of it is really just an attempt by Path to monetize the service with in-app purchases. In order to spice up your messages, if emoticons won't do the job, now you can use stickers. The update comes with 2 packs of stickers for free, but any others will cost you a dollar or two. Similarly, if you can't be bothered to open up Instagram, Twitter, Flickr, or any of the other myriad apps that allow you to put filters on your photos, you can also do that in Path, but once again you'll have to pay a bit to use them.
If you're interested in giving the app a try, Path is available for free in the iTunes App Store and Google Play Store.