I should note that whilst I've tested a beta version of this, I'm waiting to see how the V1.0 release works before any detailed comment.
The B&W profiling is essentially a customised normal profiling workflow.
I use i1Profiler, do a lot of B&W printing and have no urge to switch to i1Studio. The i1Studio product is aimed at a different market IMHO
I don't know of changes in the hardware, other than to note that it works fine with my CM that dates from when it first came out (2008) - the hardware looks slightly different, but AFAIK, the innards are the same. I've no idea what the register function does - I'm told that a new device is on its way to me, so I'll look at it when it turns up.
The software looks like a version of i1Profiler - how much inside it has changed is something I'm not party too
...no need to go off on one without looking at it (yet) ;-)