To quote iraf.net:

As of September 2007, NOAO has resumed development of IRAF on a limited scale, although primary responsibility for user support remains at the community IRAF.NET web site. IRAF V2.14 is a formalized version of the IRAF.NET V2.13 releases previously made available by iraf.net.

The major version number increase is meant to disambiguate NOAO releases from earlier versions and to provide a clean code base for future development. Unlike earlier ‘major’ IRAF releases that contained substantial new functionality, this release may seem a bit lacking. Support for Intel-based Mac and Cygwin platforms is the key highlight as well as many unseen but required maintenance/viability changes. A number of new tasks and features have been added, either inherited from the V2.13 releases or done as part of external package development.

It appears a full installation is required, even if you have previously installed IRAF 2.13. I won’t be upgrading until SciSoft OS X is upgraded (there is a beta I am playing with of SciSoft, but it has IRAF 2.13 in it). Marcos Huerta is already playing with it so those of you needing package installers of (just) IRAF 2.14 will probably get your wish soon enough.