Just saw a new post on Everything TypePad that the compose screen is being upgraded on all TypePad blogs. But don't expect it to be live yet. They are rolling the upgrade out over the next few weeks. For example, this blog does not have the upgrade yet.
From all accounts, you will have more control over how you compose your posts. There will be more options for formating your text and photo alignment as well as the font. One of the best new features will be the ability to set you links to open in a new window rather than driving your readers away from your blog. If you've been coding links manually, that's all over now. Thank goodness.
The list of new compose features is quite extensive so rather than repeating them here, check out the FAQ for the new editor. I will be quite pleased when this upgrade is activated on my account!