This puts me at two (admittedly small) updates in only one day! Huzzah! Basically everything I said about the recent update to Dont Get Crushed applies to this new version of Cascade Beneath.
It has been remade with PSL1GHT, now works on CFW, has a new font, speeds up over time, pauses when the XMB is brought up, there have been some slight changes to the random placement of the gaps in the floors and there are several other nearly unnoticeable differences.
Download the PS3 version