This set is adorable! Some revisions have been made, though I don't know exactly when AG changed these things. My set is from July 2010, after the set was unavailable for about six months.
The biggest change is that the lanterns are plastic now. Collectors probably won't like this revision, but parents probably will because the lanterns are much sturdier now. I don't mind because I already have a string of working lanterns from another store. They are pretty easy to find, especially in the summer, and also fairly cheap, so adult collectors might prefer to find their own lanterns instead of the AG ones.
The wooden parts of the fans have also been changed to plastic. This change is barely noticeable, but should make the fans much more durable.
The candy cups now have the candy clumped to the cups, as you can see in one of the other reviews. I noticed this quite a while ago, so it may have been this way for a couple of years. I am pretty sure that this revision happened long before they changed the lanterns and fans though.
The cake with platter and server are my favorite part of the set. I love the way the slices fit back together, and one slice has a strawberry to complete the design on the cake. AG could have been lazy and made two identical slices that would not have fit together as well, but they went the extra mile to make it more realistic. They even texturized the chocolate cake parts on both sides of each slice. Very well done.