It looks like this one came out around the same time as the Zune 3.0 software came out. Coincidence? Most likely!
The features are the same as the beta version of 3.2, as mentioned here.
Changes since 3.1:
Process Tracking: Categorize network traffic based on the name and ID of the owning process.
Extensive Parser Set: Parsers for over 300 protocols, including SMB 2.0.
Network Monitor 3.2 API: Create your own applications that capture, parse and analyze network traffic.
Improved Capture Rate: Drop fewer frames on high speed networks.
ContainsBin plug-in: Search frames for arbitrary byte sequences or strings.
Find Conversations: Quickly isolate related frames.
Support for frame truncation.
Indication of the number of dropped frames.
Streamlined UI toolbar