Main features are:
URL filter (no adv. banners), download files in background for later browsing, cookies filter, caching of 'noncachable' pages, multiple logs, can fake Referer,User-Agent and Cookie headers, fast operation, very configurable garbage collection, cached data can be shared between OS/2, Linux and Windows. It can also be used for web forwarding or transparent proxy.
Source: OS/2 News and Rumors