With last month's release of the Android N Preview, the Tools team launched a preview release of Android Studio 2.1. Not only did the new version add support for the N Preview SDK, but it also brought a few important important and welcomed additions, including adoption and support for many of the language features in Java 8, a semi-official switch to the Jack compiler, an updated New Project wizard, and further improvements to the new and faster Android Emulator. As of today, Android Studio 2.1 has been promoted to Stable and is available to all developers.
The biggest advantage of updating and switching to the Jack compiler, aside from playing with new Android N APIs like Launcher Shortcuts, is probably the addition of Lambda Expressions.
The Android Studio team has been kicking out preview builds at a fevered pace since the first 2.0 preview hit the scene near the end of November, and it's finally paying off as the first real Beta is now rolling out. (The first beta has an issue, so this is actually labeled Beta 2). The jump from v1.5 to v2.0 is enough to suggest that this could be the most ambitious update to the IDE since it was launched, but the feature list confirms it. We've already covered some of the biggest features: instant run, GPU profiling, and a massively faster and more functional emulator.
Every developer has gone through a long afternoon of making a bunch of tiny changes to their app, rebuilding and running it, then repeating the same steps just to get back to a point where they can test the changes they just made. Forget it, those days are done! Android Studio 2.0 just hit the Canary channel and its headlining feature allows you to push changes from your computer to an app while it's running and see results right away. Also joining the latest release is a brand new GPU Profiler tool that can make OpenGL ES development significantly easier.
The Instant Run feature has been mentioned previously during Google I/O 2015, but it has been under wraps until now.