Yii 2 is a new major version of the Yii PHP framework that aims to improve on Yii 1.1. Key changes in Yii 2 include using namespaces, removing dependencies on certain classes, improving documentation, and restructuring some core components like the ActiveRecord and query objects. The Yii 2 team is working on finishing core functionality before releasing an alpha version publicly on GitHub. The presentation provides an overview of planned changes and improvements in Yii 2 compared to the previous version.