Spring Boot Actuator 2.0 provides additional monitoring endpoints for Spring Boot applications running in production. Micrometer allows instrumenting Spring Boot applications without vendor lock-in by providing common metrics that can be exported to systems like Prometheus, Datadog, and Cloud Foundry Metrics. Key features include multi-dimensional metrics with tags instead of hierarchies, histograms for response time distributions, and client-side percentiles. Monitoring of Spring Boot applications can be done on Cloud Foundry by scraping the /actuator/prometheus endpoint across application instances behind a load balancer.