The headlining feature is the replacement of our hardcoded conversion tables with NetworkX-based resolution of color conversions (courtesy, Michael Mauderer). Color Appearance Models and IPT round out the rest of the new features.
The easiest way to get python-colormath is through pip/easy_install:
pip install colormath
Alternatively, grab it from PyPi.
If you get stuck, create an issue in the issue tracker and we can figure it out.