Scott, I was lucky enough to be a beta tester of the new, improved OCW.
Based on my experience, the new formula is significantly slicker, looks wetter, its beading has far more attractive contact angles and about just as easy to apply as the old OCW. As I got the beta not too long ago, I can not say anything meaningful about its durability, but it is sitting happily over OOS since the 23th of July. Beading is still excellent, but as the paint is a 16 year old, rather permeable one, the slickness already diminished somewhat (but still very good).
Compatibility seems okay with most products I tried with and of course, David will improve its durability too. We'll see - but my initial impressions are extremely favorable.
Unfortunately, I don't know when the OCW II will hit the market.