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That last bit is what makes this update worth noting: according to Amazon, Lumberyard's new EMotion FX animation system and Script Canvas visual scripting toolset (seen below) are meant to fully replace the CryAnimation and Flow Graph (respectively) toolsets Lumberyard devs have been using thus far.
It's another bit of distance Lumberyard is putting between itself and Crytek's CryEngine, upon which Amazon's own engine is built. Earlier this month Amazon made clear plans to depreciate a lot of the bits and bobs of CryEngine that are hanging around Lumberyard, and this latest update includes a "CryEngine Converter Tool" meant to help devs convert old CryEntities into Lumberyard's new Component Entity format.
There's a few hundred more little updates and changes in beta v. 1.11, and you can read about them all in greater depth over on the Lumberyard blog.