I carried out a functionality requirements for GR v3. You can read my (bit technical) efforts here:
http://docs.google.com/View?docid=dfmmhq3f_4hh5wm4
or
http://drupalgeologyrocks.blogspot.com/
Gives you a hint as to what to expect with the new version. If you have any comments, feel free to post them here or on the blog 