This file lists what's new since 4.2: https://github.com/zsh-users/zsh/blob/master/NEWS
Does this mean something like syntax highlighting for the command line is now possible?
It's pretty great as a starting point, but it really could use more people writing highlighter plugins for different things. It's on my list of things to figure out how to do eventually.
Fish is another shell that supports syntax highlighting out of the box.