What new functionality does this feature provide?

The Terminal Services Easy Print driver offers the following functionality:
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Increased reliability of Terminal Services printing for both RemoteApp and remote desktop sessions.
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Support for legacy and new printer drivers without the necessity of installing these drivers on the terminal server.
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Scalability improvements over Windows Server 2003 in terms of printer enumeration performance. During the Winlogon process, the spooler only enumerates printers that are available for a user in a particular session instead of enumerating all redirected printers. Therefore, printers are enumerated on a per-session basis, instead of on a per-user basis.
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Enhanced available printer capabilities. The Terminal Services Easy Print driver provides rich and complete printer capabilities in remote sessions. All of the physical printer driver's capabilities are available for use when a user views the printing preferences.