I've been investigating since reading this post. It seems people discovered some things by the posts above, but here's everything I've found:
-Despite initially feeling like input lag was reduced in Mario Kart 64's menu and OoT, a properly measured comparison from a 240fps recording of Super Mario 64 was identical across 1.0.0 and 1.1.0. I believe it was just placebo and input lag is unchanged.
-Fog is still greatly reduced
-Seams in upressed textures are still present
-The emulator still struggles with transparency in the same ways (i.e. some transparency is missing, some transparent textures are noisy)
However, that thing with Star Fox 64 I mentioned has been fixed, as noted by OatmealDome's tweet. Here's a screenshot I took from a video I captured of the issue:
This has been removed. So that's something, at least. I'm eager to see how Paper Mario fares, as that's another game that's notorious to get exactly right in an emulator.
What are "this" and "it"? They fixed one issue, albeit once that was specific to a single game and seemingly not widely noticed. Personally, I'm content to continue waiting for 1.2.0; fixes for all the issues I outlined in just a month and a half would've been extraordinarily fast. As long as there's an improvement to something in each update, I'm not too worried.