It's been awhile since the last Timeago release. Not that much has changed, but a few improvements are included. If Timeago is working for you, you probably don't need to upgrade.
Changes since 7.x-2.2
Issue #2263137 by Chaulky: Timeago() function undefined if another version of jQuery is loaded.
Issue #2115867 by heylookalive: Added the ability to define timeago.js settings (including localization) in Drupal instead of using an additional JS file.
This is mainly a bugfix release. One major user-facing feature was added: the ability to use a Timeago format as an official Date/Time type so that you can easily use Timeago dates everywhere across your site. A few non-user-facing features were also added, notably including integration with the Libraries API module.