The new version features a shutter release capability, a maximum flash triggering voltage of 300V, and a DC input on the receiver. The price is the same as the old version (160,000 KRW).
The new unit is not backwards-compatible, and FlashWave II units are no longer being made, so current FWII users may be out of luck. However, it is rumoured that Korean customers may be able to trade in their old Flash Wave triggers for the new ones.
There are no international distributors yet, but Korean seller Konova Photo will ship worldwide.
I don’t know how the Flash Wave – III compares to the FlashWaves, but I truly prefer this to the My Slave which receiver takes 3AAA batteries and not 2 AA batteries (as does the FlashWaves receiver). I’ve yet to test it rigorously (I don’t expect it to fail so probably never will), but it has yet to misfire a single time, and I love the remote shutter release ability. The manual is (fortunately) in English and Korean, so this might be a product aimed at international markets.