Controls have changed slightly, but the user experience should be essentially the same. 

Controlling playback:  

At the bottom of the player are the are the familiar play controls like play, pause, jump forward and back.   

If your video is divided into chapters, the progress bar with indicate them in the progress bar.  

Also at the bottom you'll find volume control, the CC button to turn captions on and off, and toggles for split screen and full screen just like Player 2.  You now choose which captions to display (if there is more than one) with the gear icon, which also playback speed.

Captions/Transcript (if captions are published with the video):   

You now have the option of viewing a video with traditional subtitles or a new transcript viewer.  The transcript viewer will scroll the entire transcript to the right as the vied plays.

The transcript viewer shows a scrolling view of the entire transcript and is activated with a button in the upper-right. 

You can also choose traditional subtitles with the CC button at the bottom of the player.    

Multiple Feeds:  

If you're watching a video with two feeds, such as slides and camera recording, you can watch this as picture-in-picture, choose which one to make bigger and smaller, or only watch one feed or the other.  

Whichever feed starts off smaller will have buttons to switch to side-by-side view or to switch which feed is larger. There is also a button (marked "Hide") to minimize the smaller feed.