Good news: Time Out 2.0 has been submitted to the Mac App Store! It'll take a few weeks to get through the review process, but it could go into general release any time after it is approved (assuming Apple doesn't reject it entirely, which of course I can't rule out)!
Anyway, for the direct edition, here are a few more improvements (which are also in the Mac App Store edition):
If you are using a version 2 beta, you can use the Check for Updates feature in the app to update.
If you aren't on the beta yet and want to join, visit the What's New page to sign up for an invite to download the beta.