3rd wave includes a Crusader that they claim has updated graphics...maybe they mean the red wheels they added.
Also Barbarian is updated to his new red body and paint scheme.
Max-D and Shark Wreak both get orange Edge Glow also.
Source and pictures:
http://www.monsterjam.com/HotWheels/2015/1/
Next Wave wave will have GD the Legend with WF Champ graphics, a new "Special Edition" Madusa, and Hot Wheels Firestorm with "Black Out Graphics".
Other notable releases:
Ice Cream Man
Avenger - purple WF
Dragon
Doomsday
Big Kahuna
Metal Mulisha with WF champ graphics
Xtermigator
Nitro Hornet new graphics and mud (accurate body hopefully)
Destroyer updated
Bounty Hunter new graphics, hopefully yellow or black body
Thrasher updated
Zombie Hunter
Avenger with "new Edge Glow" - maybe a new color or on WF scheme?
Max-D with "Black Out Graphics"
Dragon with "Black Out Graphics"
Black El Toro with x-ray body
Carolina Crusher
Devastator is back with mud tires
Predator with x-ray body
Storm Damage Edge Glow
Zombie Hunter
BKT Tires truck
Rottweiler with x-ray body
Instigator new graphics
Shocker new graphics
Black Stallion x-ray body
and the one I'm really waiting for:
Titan!