For a comprehensive list of ALL FEATURES in 3.4, please read NCache Features:
Partitioned Cache and partitioned of replica can now be further optimized using NCache client side optimization. Client side optimization is actually a transfer of hash map from server to client side. NCache uses a range based hash code mapping to determine where a particular data should be kept for Partitioned and Partitioned of Replica cache.
Bridge topology is used to asynchronously replicate the caches that are located at different geographical regions.
NCache provides an exclusive lock mechanism where reads and writes access to a cached item is blocked until the holder of lock releases the lock.
NCache Session Store Provider provides the functionality that exclusively locks the session-store item for a particular session when it begins processing the first request, causing other requests targeting the same session to wait for the lock to come free.
There is addition of some more useful counters to both NCache and client.
Modules which depend on config.ncconf and client.ncconf now first look them in application folder and if not found, look in install directory.
Notification based oracle cache dependency is provided where oracle database itself notifies the cache and cache expires the out of sync items.
NCache provides seamless integration with MS Caching Application Block (CAB), by providing its custom cache manager. This applies to Microsoft's EntLib 4.0 only.
Location Affinity for sessions allows session state to be maintained across different web farms on geographically separated locations.
NCache can now also be activated from a command line. This will help automate the process of NCache Activation.