I updated our Pleo (Ugobe version) to PM2 last Friday and noticed a lot of rather random behavior, like leaf-crunching sounds and munching without anything in his mouth, lots of backwards-walking without any obstacles in sight etc. I can also confirm the sudden stalls. The Pleo made a somewhat confused impression, like he's being on some mild drug

Overall it seems rather like a, let's say, non-mandatory update

There's still a lot of work to do, there are too many rough edges there. Was it a new team of programmers who made this version? It doesn't feel like an incremental update but more like a major rewrite, with many features and the overall finesse of 1.1 missing.
Once the wrinkles are ironed out it will be a nice update, but so far it's not ready for general release.
EDIT:
I can also confirm the issues others had here, so the Pleo completely ignores the leaf (which rather frustrated our friend's kids who tried to feed him this Saturday). The legs are totally numb, no reaction at all, no ta-da-trick possible, after downgrading to 1.1 he promptly lifts his legs again (which makes me quite sure that my downgrade indeed succeeded).
Before going to sleep Pleo sings a couple notes of "Frère Jacques", which is a nice touch, but gets repetitive quickly, since he does it every time, robot-like. I'd suggest a little less novelty and random stuff and more of the organic, life-like stuff.
Overall Pleo becomes a bit like "Daffy" from Gremlins II

Looks like the real thing, but behaves strangely random. He loses a lot of the
very important details that make a Pleo special, so I can only hope that it's still possible to restore all the good stuff from 1.1 while just adding the smoother and more lively animation of PM2. As is I'll happily stay at 1.1.