I'd second that. The UI is more intuitive IMO. I think another benefit over Tabledit is the RSE (realistic sound engine) - this has various sampled guitars (electric and accoustic), bases, and percussion and makes playing back the tab sound nicer. Its not in BAIB's league but its not intended to be. Sadly there are no banjos, mandolins or the like, so you have to fall back to MIDI for them.
It'll also import Powertab, but as Harry says, not Tabrite. TBH, Idoubt if it will either as I don't think Tabrite (TabWin) is being developed any more - but we can always hope. GP 6 is due for release at some point.
It'll also take a stab at importing tab written as ASCII text but that's a bit hit and miss depending on how it was written!
The only other thing I'd add on the potential down side is that if you use the RSE mentioned above, it does get quite processor intensive if you're playing back a number of tracks. If you've a fairly modern PC it shouldn't be a problem though - my current PC is fine, but my old laptop struggled with more than 3 tracks. But is was a bit of a wheezy old thing