While the software was still in its beta phase and again since its release, I tested its track changes features, terminology extraction, file-based pre-translation, file imports and more. Although most of these features are useful for project managers and translators alike (the availability of some features depends on the type of license you have), I would say that they mostly add efficiency to the project management side of things.
Tracking changes is essential during translation, but changes also happen before or after translation, and these can be captured now with the history for translation documents. Changes in the source documents become visible through the matching and word count statistics, but sometimes it is better to see the text changes in a more visual way. The same goes for the review process, which often happens outside of the translation tool environment, meaning changes have to be transferred back to the bilingual documents manually. With version 5.0 there are now different areas where the history of a file can be viewed.
You can see changes in source language documents, or can view changes during translation, proofreading or editing with track changes. You can see changes between different versions of one document, even if it has been changed outside of memoQ. . .