The main feature appears the be wallet security and if you go to the settings menu you can select the encrypt function which brings up this dialogue box.
Enter the password you wish to create.
Disclaimer to remind you about wallet security policy.
One thing to note is that if you encrypt a wallet with this method, you lose backwards compatibility with any previous version of Bitcoin. Not a deal-breaker but just thought I would point that out.
Another thing to point out is that I recommend you backup your wallet file before you encrypt your wallet just in case something goes wrong during the encryption process. Keeping an active backup of your system is also a good idea. I'm not talking about a duplicate set of files on a random USB drive since that is not really a backup and rather just file duplication. A backup is something you can restore to in case something goes wrong. It is also important to test your backup on occasion so that if disaster ever strikes, you know that you have a working fall-back.
Following these guidelines isn't always easy, but it does make for good backup policy. if you want to be a tinfoil hat wearing paranoid parrot, I would suggest all of the above with a multi wallet solution that you only access from encrypted drives then boot to a Live CD OS or a locked down user account.
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