TDM 2.07 is primarily a stability release, aimed at improving several experimental features that were added in 2.06. Soft shadows now work better, for example, with fewer graphical glitches and a new Shadow Map mode that allows for contact hardening (and generally better performance).
In addition to greater stability, there are a few new gameplay features, including a new frob helper that can be turned on in the Gameplay menu.
Mantling low and medium-sized obstacles is now faster and smoother, and further mantling improvements are already in the works for the next update.
There are a few new assets included in the update, including some new architectural module pieces, new chain models, and several trap prefabs (along with videos on how to set them up).
For a longer list of changes and additions, see the 2.07 wiki page, or the full changelog.
To update to this version, simply run tdm_update.exe in your darkmod folder.